I'm feeling a little different here....AVXL
C, as I looked at those charts,I'm more neutral here than you are.
The IBB might rally again.(IF that's the direction the powers intend to go from here) its all a rigged market. I don't reallytrust what the charts look like anymore, except I'll still do the charting just to see what they are doing.)
It looks like the charts are holding and waiting for the beginning of the new year to move now. The AVXL chart is a sideways pattern here, bracketed by the Bollinger bands, and key ma's. the pivot target at 3.67 area for AVXL looks like a nice buy target, the Bollinger top at 4.60 is my trade sell target. its about as simple as that right now for me with AVXL. I'm not worried about any continued downward pressure for AVXL because its a stand alone biotech that all science development suggests is a great investment so far. The trading game continues of course, and that's why I plan to trade some shares looking for the 1 dollar target move. 3.80 to 4.80 is good enough. or to see the shorts take it down 1 dollar from 4.40 to 3.40 I can deal with that ok .
The IBB looks like it has struggled to bounce in 2016 but that doesn't have to mean another big downwave. I do worry about the powers crashing the global market in 2017, but not in the first 3 months.
I don't play the 3X bear ETF's so I cant say what that will do but it could fall and plunge as the biotech rallies, I would see those charts more neutral myself. I do see what youre saying,they look worrisome, but they could also look neutral here. The pivot points do look like targets.
The S+P 500 chart...I think it will be held at support ok by the Plunge Protection team like they have done for the last 16 years.
S+P hit the 2280 target I was forecasting. it could slide down some more to 2180 and settle in that zone and be perfectly algorithmically fine,and the computer digits will roll along swimmingly as they are programmed to do....until the Decision -Makers decide its Time to Crash the Markets. I don't know if the charts will forecast that moment,and give us all a chance to Get Out at the last minute. A lot of smart big hedge fund money Got out of this stock market at the end of 2014. Maybe that was a little too early, but it was a technically correct decision at the time. Now, the times we are facing is even More ominous,as 2017 approaches.
My only investments are a few gold and silver miners, Sprott gold and silver trust ETF's and AVXL and a few stupid biotechs I'm waiting to get rid of. and that's all I own now.
Chuck lets talk about the Big surging up day in metals and miners. Gold and silver miners across the board up 8/9/10 12/14% and silver miners as well..... Tomorrow is the end of year price print for the most part. We get this surge today....will we get a whipsaw plunge down tomorrow to begin the new year heading down some more. Many miners are hitting a resistance zone with this surge today.
Silvercorp is the one I own and it is hitting key moving averages at a resistance point at 2.50. A pop at the open tomorrow will trigger my sell target at 2.60. I might look to rebuy some at 2.25 area. just riding the waves.
A lot of tricky middle zone here for the miners charts. This bounce in recent days, especially today, is looking like a fake surge to me, designed to sucker in the sheeple here. That's my question to you....do you feel the sheeple getting suckered in today in the miners, with this big surge, watch what happens tomorrow to end the year. This could get whipsawed down really hard tomorrow. or next Tuesday to start 2017.
Youre concerned today about Biotech and the greater market.... Take a look at the miners and metals,that might be where the worry should be directed. in this set up happening today.
My screen capture service is down, I cant post charts right now.
