Biotechs Rally!

Biotechs Rally!

Biotechs Rally!

Biotech stocks were really strong today. BIIB led the group with a $18.59 pop! ALXN added nearly $10. AMGN gained $5.34, erasing yesterday’s loss. JAZZ climed +3%. ILM popped $6.61.

At first glance, BTK looks to be healthy

BTK has been consolidating for more than a month. Its daily MAs have bunched together. Just yesterday, BTK was look bearish when it sank below its daily MAs.

This is what happens when something is consolidating. BTK may close above or below its bunched-up daily MAs many times before the final direction is decided. Take a look at what happened in Sept-Oct. Another thing to note is that the MACD is still bearish, although it is somewhat flattening.

Do I sound bearish? I hope not. I am neutral at this point. I think people are starting make their positions ahead of the J.P. Morgan Healthcare Conference on Monday, January 12. So, let’s be patient and see how things trade in the next couple of days.

Good night and HappyTrading! ™

Get Wang’s Happy Trading in your email for FREE!

This entry was written by


and posted on

January 7, 2015 at 3:59 pm

and filed under


. Bookmark the


. Follow any comments here with the

RSS feed for this post

. Trackbacks are closed, but you can

post a comment



Biotechs Rally!

See which stocks are being affected by Social Media

Share this post