The past few days have been volatile, but, stocks look ready for a bounce. Since the last CPI report, even energy stocks have fallen, pretty sharply in fact.

XLE

Stocks such as EOG, XOM, CVX have tumbled down from their recent highs.

Let's take a look at the SPX:

After the recent dip, SPX has been working hard to stay afloat, keeping its close above the 10-day MA in past few days. The 10-day MA, in fact, has turned up. From the above chart, we can see that the market now has quite a wide trading range, from 3650 to about 3980. Tech stocks have been beaten down hard. So, they may have more room to bounce.

Internet stocks are drawing a bottom, led by GOOG and META. NFLX may look interesting for a long-term buy here. Biotechs have been in the news and showing strong buying interest this week, especially and COVID vaccine stocks, such as NVAX, MRNA, and BNTX. These stocks have turned higher. VERU jumped +13% on Wednesday and is showing another +17% higher in after-hours trading, after reporting positive clinical results.

We have jobs report on Friday and new CPI on July 13, next Wednesday. Also, the new earnings season is about to kick off. I think we are in for a few days of "upside volatility", then, we'll have to see how the CPI is, in response to the recent interest hikes. We may see 3900 get tested again and wait for the CPI numbers.

Good morning and HappyTrading! ™

The market opened again on Thursday in a volatile manner. Stocks opened lower and bounced vehemently after the first 30 minutes. We quickly got out of GME puts that we entered yesterday for an overnight profit of +34.45%.

As things ...

Yesterday, I said that there is "(much) more downside to come!" I also mentioned that for a decade, people have been "buying the dip", but, now, you might need to "sell the pop".

Wednesday started with buyers trying ...

On April 18, 2022, I wrote an article, titled "The Path Of Least Resistance - Are The Markets Ready For A Bigger Correction?" In this article, I explained how both the fundamentals and technicals were working against stocks, ...

Stocks have been slumping since the beginning of 2016. Sellers just keep selling. Tech stocks have been dropping fast the past couple of weeks, from biotechs to internets to semiconductors to software; across the board, they have all been weak. ...

Shares of Kite Pharma, Inc. (KITE) popped nearly +16% today, after the company announced acquisition of a privately held Netherlands-based biotechnology company, T-Cell Factory B.V.  This may not have been the only reason.  Juno Therapeutics (JUNO) said today that ...

My " Happy Trades" portfolio did well for the week.  (Be sure to also read the Weekly Wrap-Up for "Ecstatic Plays", where I discuss the overall market.)

All of our new trades for the week were profitable, and ...

We mainly traded on the downside in the "Happy Trades" portfolio, besides our CLVS calls.  All of the closed trades were profittable:

Biotech stocks were really strong today.  BIIB led the group with a $18.59 pop!  ALXN added nearly $10.  AMGN gained $5.34, erasing yesterday's loss.  JAZZ climed +3%.  ILM popped $6.61.

At first glance, BTK looks to be healthy

BTK has ...

Looking through some of the gainers from last week, two stocks caught my attention.  These two stocks have not performed well in the recent months.

GRPN

GRPN  has not performed well at all this year.  But, the stock popped after ...

We had another good week in the Happy Trades Portfolio.  We locked in gains from WDC and LULU calls:

WDC broke out today, adding +2.62% to close at $107.8.  I think this could test $110 soon.  We locked in our profits on Jan calls:

for a nice +32.62% profit.

Biotechs continued to zoom higher.  We talked about CLVS in ...