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I ran the Black Box last night, and it liked pharma. Specifically, PPH, BMY, LLY, and JNJ. I didn't buy any today, though. It also liked IBB, and looked like we could stage a bounce in the QQQQ and SMH. So I went to bed last night thinking that if we got a dip today, I'd buy some QQQQ and IBB. Why?
- Monthly strength (401k contributions and such).
- Down multiple days in a row on Nasdaq after post-options week lull, heading into a friday where shorts would be tempting to take profits and a day where monthly strength picks up.
I didn't do it this morning. Why? Look at the picture. That was me this morning. I woke up and saw the Nasdaq down about 14. "Cool!" But I decided to take a shower and get ready for work before I did anything. Oops. Market was up by the time I was leaving. Since I'm not too excited abou the market heading forward (summer and election year cycle), I decided to let the fishies swim by for the day. I think some folks will lighten up on strength over the next week. We'll see. I don't know about the Black Box and the Pharma picks. Something to watch, but I probably won't do much with that.
Oh, Kellie Pickler is finaly gone... Phew.