Bulls Can Die Another Day in This Industry
As we discussed with Members in a video earlier today, as volatile as biotech has been (see the AMGN ESPR sharp selling) it may be a bit more prudent to focus on some of the better performers in the healthcare arena, not tethered to drugs and clinical trials, per se.
The diagnostics/research segment in healthcare has quietly been a strong group, with several hot names we have been tracking.
Headed into next week, the Quintiles IMS Holdings Inc. certainly ought to be kept on the long radar.
On the weekly chart, below, note how coiled price is right at al-time highs. Price has been bumping its head up against the $82/$83 area for quite some time. I suspect a few days of further rallying next week can bring in a wave of fresh buyers to propel the stock much higher up and out of this well-defined coiled pattern.
Equally as important is that letter Q is ignoring the biotech blow-ups du jour, and is soundly in the green as I write this.
Overall, bulls did what they had to do in the market after the FOMC rally to keep the case alive and well for more individual breakouts to occur. Our focus over the weekend will be identifying the very best fresh, actionable setups, like Q.