Shots Still Shaping Up Here

The persistent strength in the likes of AAPL as well as biotechnology issues is stemming the tide of this morning's sluggish open in the broad market. 

Small and mid-cap biotech continue to be the preferred arena for hot money players, as well as select semiconductor stocks, ARWR CLDX and TSEM are just a few such examples. 

We also have recent hot names like KITE which are trying to break higher again from consolidations to stage a secondary breakout. 

A fresh breakout name I am still watching is RARE, in the biotech arena. This narrowing consolidation, seen below on the daily chart, could easily follow the ONCE breakout higher we profiled last week in a similar vein.

I suspect a move back over $56.45 should give the breakout a chance, with a stop-loss under $54 making sense.