Biotechs Bomb
There
were no meaningful covered option opportunities that set up tonight (Monday).
Remain patient until conditions improve.
The
major drugs
(
$DRG.X |
Quote |
Chart |
News |
PowerRating), mentioned recently, still look poised to rally out
of a pullback. Continue to look for
buying opportunities in calls and call spreads here.
Insurance
(
$IUX.X |
Quote |
Chart |
News |
PowerRating) continues to
consolidate at high levels and looks poised to continue higher. Look for buying
opportunities in calls and call spreads here.
Consumer non-durable
(
$CMR.X |
Quote |
Chart |
News |
PowerRating) also
continues to consolidate at high levels. Look for a buying opportunity in calls
and call spreads here.
Follow Up
For those who took profits in the biotechs
(
$BTK.X |
Quote |
Chart |
News |
PowerRating), mentioned last Thursday (a), you might want to lock in a piece
of the profits as they have been decimated since then.
Broker/dealer
(
$XBD.X |
Quote |
Chart |
News |
PowerRating) and Internet
(
$IIX.X |
Quote |
Chart |
News |
PowerRating),
also mentioned last Thursday, were also hit since then. Therefore, you might
want to lock in a piece of the profits here too.
Best of
luck with your trading on Tuesday!
P.S. Reminder:
Protective stops on every trade!
P.P.S. Special thanks to Dan Delaney
who filled in while I was away. Nice work!