I saw enough things today that make me feel that we may have put in that bottom we’ve been talking about. Tomorrow we will want to add to gains, but at the very least not give it back, for today to matter.
#1- The McClellan Oscillator successfully tested , held and rallied from yesterday’s low.
#2-The transports (IYT) held and bounced off its 50 day moving average and rallied today on pretty good volume.
#3 Energy (XLE) one of the worst sectors since they broke hard and lower on Aug 1, put in a strong reversal day with excellent volume. For you technicians, a bullish doji printed today too. It all landed right back on its 200 day moving average.
BMRN triggered today, ALNY tacked on more, and AGIO should be watched for a breakout.
I lowered the entry price on TUBE tonight and I’m adding a new name.
TA is now in a one month consolidation and had formed a bullish flag pattern. I’m entering at the 11.50 area.
