Wednesday, November 5, 2008

10am Gap down to 991/9455/1359.75 - will the decline continue?

seems like the market wants to go higher still

since the S&P was not able to gap and hold under yesterday's lows at 996.6, I will be waiting for a few more hourly prints to figure out if this is short squeeze wednesday or the beginning of the 5th wave crash (11am print looks sightly higher at sideways at 994/9485/1359 and under 996.5 key)

on the stock front, bought MYGN at the $69.25 open and will buy more above $72.22
bought QCOR and CBST yesterday on their breakouts

IBD featured Biotech stocks including NUVA and EBS.

CUR and OSIR are acting okay in the Stem cell business but not STEM and GERN

Natural gas and heating oil have interesting bottoming patterns in place and UNG rallied nicely yesterday (although i am still underwater until $33 is exceeded)


http://stockcharts.com/charts/candleglance.php?mygn,qcor,cbst,NUVA,ebs,cur,osir,stem,gern,ung|C

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