Welcome to Karpel’s Corner. This is where I throw out my thoughts on the markets and share some of my favorite strategies. I keep it market-focused, and never miss an opportunity to teach trading strategies and commentate on the latest trends affecting the financial markets. Hope you enjoy today’s post!
The NASDAQ ($QQQ) was the leading index going into a mixed bag of August expirations. It was able to break above mid-term resistance, the 50-Day Moving Average, but the other major indices need to challenge the upside before I’ll feel sure that the late-summer bear isn’t getting ready to sink its teeth in again.
The Biotech sector ($BBH) has been on a tear led by Gilead Sciences ($GILD), which at 16 percent is the largest component of the ETF. The Tradespoon Probability Calculator gives it a short-term trend score of 9 for the next 50 days and a long-term trend score of 10. We also have resistance at $103.87.
The Dow ($INDU), Small Caps ($RUT), and the S&Ps all need to break above the 50-Day Moving Average before I’m convinced that the Bulls have continued strength. Until then, I expect two-sided trade to continue, which is not a bad thing if you like to swing trade.
More on that in our Tradespoon Live TV broadcast at 11:00 am CST. Be sure to tune in: http://www.tradespoon.com/video/
See you next time at the Corner!
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