The Pride and Joy of Summit, New Jersey

On the back of the Summit, New Jersey-based Celgene buying out biopharmaceutical company Receptos (RCPT) for $232 per share in cash, for a total of about $7.2 billion, both stocks are jumping higher this morning. In addition, many other biotechs continue to outperform, leading the market higher even as other sectors lag. 

Inside Market Chess Subscription Services just now, we took advantage of the early strength by selling  an INCY long at $120.50 from a prior $111.06 entry. 

That said, we would be remiss not to stalk other biotechs setting up behind the ones which are already extended, such as NVAX ZIOP setups. 

JUNO is a name which has not done much of late. But it may be ripe to "sneak up the right side" of its sideways consolidation, seen on the daily chart, below. I am watching to see if the stock can lear $54, then $55.