Will the Biotech rally continue today? What is fueling it?

Markets are mixed this morning with QQQ leading. (that is a good thing if your bullish)

Of note, IBB is on a tear up over 1/2%, Financials weak, oil up, TLT up, metals strong.

My interpretation pre-market is mixed. No bias I can see.

The markets remain neutral short term. And medium term slightly negative. Breath divergence is commonplace now. This can take a while to resolve but certainly, gives a warning flag.

I have purposely been out of the market and have missed the biotech rally completely:(  My style, however, is a methodical steady approach and I do not consider sitting on the sidelines a bad thing when my studies tell me to. Sometimes they work and sometimes they do not. But having structure is the important thing.

Right now, the markets are hostage to what Congress does and how the special counsel develops.  Anything out of Congress that indicates tax cuts are dead or health care is dead will tank this market. In addition, anything shocking out of the special counsel’s office regarding Trump will also likely tank the market.

A lot to consider if you’re a significant investor. If you a short term swing trader not so much.

If you want to follow some of my trades along with my thoughts typically given after the open you can go to @rickjswings. Typically I talk about the overall day expected with the markets and also give some levels on the ES and NQ for failed breakout scalping.

It’s my private twitter feed for the stock market and its free. Sports Handicapping is the subscription-based part of this site. But considering the cost of joining it’s almost free:)

Good Luck Today


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