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This week has been up, up, up, without a single break. After all, trade talk optimism, right? Anyway, one captivating pattern on the short side has survived nicely, which is Philip Morris. I’m keeping this one, and I’ve tightened up my stop to 88.75.
The lift from the jobs report persists. Let’s look at a few key indexes.
The Dow Composite (also known as the Dow 65) has pushed above its “left shoulder” horizontal. To understand the significance of this, let’s go to….
The monthly jobs report came out, and the jobs added number was stronger than expected. The initial reaction to these things is not always indicative of where we close for the day, but it’s always interesting to see the immediate reaction (and, five minutes later, the reaction to the reaction).
Stocks (see here via the ES S&P 500 futures) got their first spike up after hours on Thursday when the 173nd declaration of positive trade talks came, this time from Chairman Xi. The second spike, in green, was the initial boost for the jobs report (which is fading as I’m typing this).
Does the market seem dull to you? It’s not your imagination. Just take a look at the volume of the SPY. We have gone from an organic, price-discovering market to one which just goes up half a percent, day after day, based on “trade talk optimism”. Apparently volume isn’t necessary:
Two biotechs and one technology stock top our list of charts to watch with strong technical momentum.
ChemoCentryx, Inc. (CCXI) gained 39 cents to $14.47 on 643,300 shares Wednesday, following through on Tuesday’s gains. The biopharmaceutical company, which is developing medications for inflammatory and autoimmune diseases and cancer, announced Tuesday it will be presenting at the H.C. Wainwright Global Life Sciences Conference on April 8. The stock is now up over 40% in the last four weeks since the company released earnings that beat Wall Street expectations, and is now approaching a resistance level and initial target at around $15. A break through there could lead to $17.
