Among the high volume GLB stocks were MTCH and AVAV: (weekly charts)
FGEN retested recent GLB:
Biotechs are hot with many conferences in September.
Dr. Wish
8th day of $QQQ short down-trend but GMI-2 is 8 (of 8); $KITE flys after buy-out
The short term indicators in the GMI-2 are all positive even as the GMI signal remains Red. It remains to be seen how this stalemate will be resolved.
My blog malfunctioned yesterday. I had written Tuesday morning about how it was announced on Monday morning that my stock buddy’s (Judy) favorite biotech will be bought out by Gilead. Judy had been talking about KITE’s innovative cancer fighting technology for years. She recently tweeted about the publication of the results from one of KITE’s pioneering studies (receive her tweets: @Judyfr262). Apparently Gilead agreed…. Here is KITE’s daily chart from Monday, after it gapped up +28% on the buy out announcement. Note the GLB signal in June 🙂  Buying a stock at a green line break-out (GLB) to an all-time high can work! Judy, of course, bought much earlier and lower.
With GMI=Red + 6th day of a $QQQ short term down-trend; I am mainly in cash or short
I own a little $SQQQ (QQQ 3X inverse ETF) and am sitting in cash in my trading accounts. My university pensions remain invested in mutual funds. Entering weakest period of year for market and QQQ is on the edge of a cliff. BUT SPY and QQQ are back above their 10 week averages. The majority of my possible long set-ups last week did not work out. Better to sit it out for now.
