Bulls Vs. Bears
The Bears tried to crack this market to start the day, thinking Bulls would be afraid to step in with geopolitical tensions on the rise. Apparently, the Bulls failed to get the message, because by the end of the day the S&P 500 closed basically flat recovering all of the day’s losses.
It seems to be a repeating theme in the market, which just makes you wonder what will break the camels back and send stocks lower? Even the VIX rose sharply, but quickly gave most of those gains back by the end of the day as well.
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The Real Fear Guage – The Yen
The real fear gauge the Japanese Yen, even found itself reversing, and actually formings a reverse head shoulder on the tick chart, indicating the Dollar could be starting to see a bit of a bounce higher.
While Biotech continues to grind lower, looking as though it is moving closer to the $310 level on the IBB, setting up a descending triangle pattern, a reversal pattern, a set up for the ETF to move higher.
We’ll keep watching,…
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Michael Kramer and the clients of Mott Capital own shares of ACAD
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