Subscribe to The Free Market Chronicle and join the 2,711 subscribers getting it for FREE!

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.

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_tweetmeme type=”follow” follow_user=”michaelmottcm” show_followers_count=”true” large_button=”true”][/vc_column][/vc_row] Join our 2,711 Daily Subscribers And Get This Commentary In Your E-Mail! Subscribe

[widget id=”wordads_sidebar_widget-18″]

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.

[widget id=”wordads_sidebar_widget-18″]

Sign-up for our premium content on Seeking Alpha Market Place – “Reading The Markets” and a get Two Week Free Trial Period

Premium Content Is Great For College Students, Non-Professional, and Professional Investors. It is designed to focus on what institutional investors are watching, based on Mike’s 20 plus years of professional analytic, trading, and portfolio management career.

Premium Content: Benefits include the ability to reach out to Mike with questions through a chat room, direct message, or comments.

We will respond to questions in short order and will respond to questions with full-post or video segment, just not one or two-word answers.

Just $40 per Month

Machines Break Loose

Why Tesla Could Double, And Nvidia Could Get Cut In Half

Why The S&P500 Could Melt-Up Into Year End

S&P 500 Breakout- 2700?

Nailing The Biotech Breakout

[widget id=”wordads_sidebar_widget-18″]

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.

[widget id=”wordads_sidebar_widget-18″]

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.

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.

[widget id=”wordads_sidebar_widget-18″]

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.

Free Articles Written By Mike:

Stock Prices Plunge On Emotion, Not Reality

Nvidia, Micron, and Lam May Not Have Bottomed Yet

Why Gilead’s Highly Touted Stock Has No Upside

Why Under Armour Could Fall 65%

How Tax Cuts Could Boost Home Depot’s Stock

Nvidia Could Fall 60% After Bubble Bursts

Why Intel and Broadcom Are Still Cheap

Apple Will Rise 17% by June, Options Trades Indicate

Why Roku’s Rocketing Stock May Flame Out

Verizon’s Stock May Rise More Than 15% in 2018

Biotechs Celgene, Biogen May Rally Through Yearend

AMD May Have Bottomed, Stock Set to Rise

Macy’s, JC Penney Face More Declines, Options Trades Suggest

Why Tesla’s Plunging Stock Price Conceals A Bright Future

Why Disney and Comcast Should Fear Netflix

We offer a lot of great commentaries all week talking about the major and relevant market events. Be sure to subscribe to get all our free commentaries sent directly to your inbox or follow us on Twitter.

Join our 2,711 Daily Subscribers And Get This Commentary In Your E-Mail! Subscribe

-OR-

Photo Credit Via Flickr

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.

Tags: #biotech #technology #semicondutors #sp500