The Shake Down




What a week to start the year! I certainly did not expect the market to go straight up for four days but we put ourselves in positions to make money and now have a nice cushion after the first week. I took a lot of profit Friday as we're hitting extremely overbought levels and some sort of digestion is inevitable. I won't be gun slinging off the open Monday, frankly it's almost difficult to initiate anything to the long side after four straight days up. 


LOXO sitting atop all moving averages with converging trendlines within an uptrend has me intrigued. Add in the fact it's a feast biotech and I'll look to buy aggressively through $88 on expanding volume. Volume especially important in this name so no volume and I will avoid it.

Trigger: $88

Stop: $85.99

Target: $98+

Hope to see you in the chat Monday!

Leave a comment