Summer Amusement

It has not been a particularly fun summer for bears thus far, despite energy struggling to bounce and various retail names staying in the doghouse. 

Even this morning, for example, despite a red open on the back of GE gapping down to reinforce its bearish chart over the last eight months or so, it is far from a summer amusement park ride for bears. In fact, as I write this the IBB is green, ETF for large cap biotechs. One would think that for such a high beta sector, biotechs would be down 3-4% on a red day like today. 

But with IBB up nearly 0.5% at the moment, we want to check out any bios setting back up. And when we do, there are a few which merit attention and that we have been flagging for Members. 

On the mid-cap front, LOXO, with earnings coming up August 2nd, is sporting a pristine daily chart. Note how price has calmly been basing after an explosive gap higher in early-June. LOXO may not be finished, especially with IBB XBI outperforming to close this week out as some extended chips and tech consolidate.