Sweet Nektar of the Biotech Gods

Buyers are giving it another go above 2177 on the S&P 500 Index as I write this after the morning gap-fill and expected pause. It seemed like "here we go again" with another fade off the morning highs.

However, that fade may now be too obvious, with many traders accustomed to it from earlier in week and indeed a choppy range since the post-Brexit rally into July.

Nektra Therapeutics, below on the daily chart, is an example of a sound chart only now attempting to break higher from its tight base within the context of an established uptrend. So, there remain considerable long setups, to be sure. 

The issue is whether bulls can avoid a fumble on the one-yard line, which we have seen in many instances this summer just when it seems we would sustain a new uptrend with ease.

More fresh ideas in my usual Midday Video for Members.