Stocks Come In
Stocks came in again on Tuesday, after a morning bounce, still consolidating after last weeks gains. Trading volume was again light. Leading stocks continue to hold their own and now include biotechs, midcaps and small caps. I had buy signals on speculative stocks ABMD, OVAS, and DPLO – none of which I bought. Both ABMD and DPLO gave no safe entry while OVAS has yet to produce earnings. I suspect all 3 go higher, but each could be cut down with one bad report. DPLO may also setup in this area for a safer entry point. I suspect we turn higher any day here.
My allocation accounts remain in MDY, which still looks solid. I’ve heard and read a lot about the biotech bubble – which I still don’t see. We could be setting up for one, but for now we continue the orderly march upward. I am hearing from newbies who want to start investing in the stock market – normally a topping sign. It doesn’t feel like 1999, but it’s worth watching.
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