Looking at the IBB and seeing your comment about tough overhead resistance . . . I see that the 280 -300 range resistance is built on pretty good volume from the middle of last fall. I assume that's why you were calling these points tough. I am seriously considering raising at least some cash at those levels, starting to scale out of some positions at 280. SPY seems to be about to bust through heavy resistance tomorrow, though, given the futes right now, with potential room to 2100. That does suggest to me IBB might get close to 300, but I doubt it breaks it short - intermediate term.
I worry that the market is trading pretty much on oil, and I wonder how much production cutting is actually going to happen. Demand issues remain, IMO. But technically, it also seems to have 10% upside near term. Thinking you watch this, but I haven't seen you do any technical work on it. Should oil retrace, I'm watching some solars (cuz I have an ethical issue with investing in oil). I have a position in one that does financing for the industry: HASI, a long term core holding. Much less volatile than actual producers, pays a nice dividend, seems well run. I have traded those better than biotechs these last six months.
Cheers, Tuck |
