29Mar10:46 amEST

Listen to the Message

In front of a Yellen speech at 11:30 am EST this morning, the message of the market is one of indices consolidating in a fairly benign manner, while both individual longs and shorts are permitted to work decently. 

FB and NFLX are bouncing again, while CMG is gapping down. A semi like HIMX, which we profiled for Members as having an attractive daily chart, is being permitted to breakout early on, a promising sign indeed, especially if the move holds into the closing bell. Even AAPL is in the mix, holding $105 below and threatening another push over $107, a level of prior resistance. 

Even more impressive is that individual stocks are working well while crude oil gets whacked, with the USO ETF currently well below $10 and weakening as I write this. To be sure, stocks remain resilient and are putting trigger-happy bears to the test, in terms of those shorts who are pressing directional short bets and are long volatility. 

For now, we are still taking things on a tactical, case-by-case basis. 

Also note the market is holding up well in the face of weak biotechs, too.

REGN is a major biotech which has been leaning down against well-defined support a bit too much. The daily chart, below, illustrates this point. In the fact of anything but a total market melt-up, I suspect several of these large cap biotechs remain short ideas. 

Stock Market Recap 03/28/16 ... A Knee-Jerk Reaction to Yell...

 
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