Biotech Reverses
Biotech
(
$BTK.X |
Quote |
Chart |
News |
PowerRating) sold off sharply but
recovered nicely. For the aggressive trader, look for buying opportunities in
calls and call spreads here. For everyone else, wait for more confirmation.
For you OEX traders, the VIX approached 3-year
highs but tailed off as the market reversed. This action suggest the possibility
of a bounce play in the index followed by a reversion to the mean in
volatility. However, as you know, these are not normal times. We remain in a news
driven environment. Therefore, use extreme caution should you decide to take
trades here.
Looking Ahead
The banks
(
$BIX.X |
Quote |
Chart |
News |
PowerRating)
may set up as shorts soon should this bounce continue.
Various forms of
technology may also set up soon on the short side.
Best of
luck with your trading on Thursday!
P.S. Reminder:
Protective stops on every trade!