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Wild Friday – Biotech Shines
Having fun? It feels like every day this week the market is either going up 1 percent or down 1 percent. I have to tell you despite the downdraft in the market today on the Michael Flynn reports, the markets have held pretty steady, and Biotechs have been the one major surprise today. The Nasdaq Biotech ETF ($IBB) split 3-for-1, just to make you aware.
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It is kind of obvious from looking at the chart below when news broke on Michael Flynn, right.
Despite the sharp pullback, for the most part, the market has managed to regain most of its initial loses.
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Biotech
Biotech is the real star today, with the IBB ETF performing quite well in a market that seems to be a little shaky around the uncertainty. Strengthen in one of the most aggressive sector of the market on a down day can’t be a bad thing. The sector sold off with the market downdraft, but it didn’t take long for the group to snap back either.
For the snap back rally in the Biotech’s to be taken seriously we are going to want to see the group rally into the close, and probably close above $106.
Amgen
Amgen ($AMGN) has been one of the stocks helping to lift the group recently, and it continues to perform well today, again in a lousy market.
Acadia
Acadia Pharmaceuticals ($ACAD) is another stock that is holding up today. The stock has managed to hold a long-term uptrend dating back to March of 2016. Shares could be on the upswing going into the end of the year.
In fact, shares of the stock got slammed with the market as well but managed to snap back.
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Semiconductors
Semiconductors have been smoked in recent days. Shares of Micron have fallen sharply. As noted yesterday shares of the stock were showing support around $42, and for the most, they are still in that support range. Remember $41, was the price where the secondary was priced just a few weeks ago.
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[youtube-feed feed=7]Netflix
Netflix is starting to become a concern, shares have fallen through support around $190, and have been unable to get back above it. It is easy to see that Netflix has made an attempt to break through, but has failed. A concern, yes. Becuase if it can be through $190, then shares could be set to fall to the lower end of the trading channel.
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Technology
The technology ETF ($XLK) looks like it heading back to its trading channel which is probably the $61.50 to $62 region, a fall of maybe another 1.5 percent. Certainly not terrible.
https://www.tradingview.com/i/ValzlmxZ/
That is it for now.
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Michael Kramer and the Clients of Mott Capital own shares of NFLX, MA, GOOGL
Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future.
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Tags: #biotech #technology #semicondutors #sp500
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This report contains independent commentary to be used for informational and educational purposes only. Michael Kramer is a member and investment adviser representative with Mott Capital Management. Mr. Kramer is not affiliated with this company and does not serve on the board of any related company that issued this stock. All opinions and analyses presented by Michael Kramer in this analysis or market report are solely Michael Kramer’s views. Readers should not treat any opinion, viewpoint, or prediction expressed by Michael Kramer as a specific solicitation or recommendation to buy or sell a particular security or follow a particular strategy. Michael Kramer’s analyses are based upon information and independent research that he considers reliable, but neither Michael Kramer nor Mott Capital Management guarantees its completeness or accuracy, and it should not be relied upon as such. Michael Kramer is not under any obligation to update or correct any information presented in his analyses. Mr. Kramer’s statements, guidance, and opinions are subject to change without notice. Past performance is not indicative of future results. Neither Michael Kramer nor Mott Capital Management guarantees any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment commentary presented in this analysis. Strategies or investments discussed may fluctuate in price or value. Investments or strategies mentioned in this analysis may not be suitable for you. This material does not consider your particular investment objectives, financial situation, or needs and is not intended as a recommendation appropriate for you. You must make an independent decision regarding investments or strategies in this analysis. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Before acting on information in this analysis, you should consider whether it is suitable for your circumstances and strongly consider seeking advice from your own financial or investment adviser to determine the suitability of any investment.