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Biotechs Breaking Out! SPX, Nasdaq, FFIV, CMG, MA, LULU, AAPL, PCLN, BIIB, REGN, CELG, VRTX, MDVN     

Well, things once again are moving along as discussed in my Market Forecast this weekend.  On Monday, the market popped higher and pushed above the recent resistance levels.  But, today, financials did not show much strength.  Further, energy and mining stocks were weak again.  So, the market stalled.

However, high-flyers are still flying.  AAPL made another new all-time high, topping $630 intraday.  MA and LULU both made new all-time highs as well.  CMG was up almost $4.  PCLN vaulted to almost $745, a new multi-year high!  FFIV came close to touch $140/share and we locked an overnight double, including the day high:

  • 08:13 | Ecstatic Plays FFIV ($139.40) Sold to Close 0405C135 Apr 135 calls, at $4.60 +92%
  • 07:41 | Ecstatic Plays FFIV ($139.10) Sold to Close 0405C135 Apr 135 calls, at $4.35 +81%
  • 07:17 | Ecstatic Plays FFIV ($138.80) Sold to Close 0405C135 Apr 135 calls, at $4.20 +75%

As mentioned in my Sector Watch this weekend, biotechs are breaking out!  BIIB recorded a new all-time high at $128.87 and should see $130+ soon.  CELG was up +2.67%.  VRTX added +3.26%.  MDVN vaulted +6.59%.  REGN jumped more than $4.

The Dow was down 64.94 points; SPX slipped 5.66 points; Nasdaq dropped 6.13 points:

BTK (biotech) was up +0.84%.  Most other sectors were in the red.  GDX (gold miners) lost 3.25%.  XME (metals and mining) fell 2.21%.  Both GLD (gold) and SLV (silver) went lower.

SPX

SPX slid 5.66 points to close at 1413.38.  It came down to test the 10-day MA again.  The MACD was down slightly.

Nasdaq

Nasdaq dropped 6.13 points to close at 3113.57.  It stayed above its daily MAs and the MACD was flat.

The market behaved really well today, a little more consolidation.  With most sectors in the red, the market was down just slightly.  The quick pullback in the afternoon was more of a shakeout.  There are, however, some names that are showing potential breakdowns; for example, NFLX, FSLR, BTU, RIG, to name a few.  We are keeping lots of cash.  Let's wait and see how the market fares with the resistance levels in the next couple of days.

Good night and HappyTrading! ™

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