Jon Ogg over at 24/7 Wall Street took a look at the recently published Goldman Sachs Hedge Fund Trend Monitor and noticed the prevalence of biotech names in the top holdings. I tend to stick to my own knitting (i.e. scans) for trading candidates, but some of these charts looked pretty good… especially for large caps.
PCYC — Nice break from $160, but stretched here I think.
GILD — looks ready to make a run. The “change your mind” point is $85.
REGN — already started to make its run… Like any high dollar value stock, support looks to be a fortune away around $430.00.
AMGN — looks prepared to stage an assault on the highs. Use the uptrend line as support… $156.00 looks good.
CELG — Also looks set to resolve to the upside. $107 is a good floor.
Obviously, no matter how good the opportunity looks, exercise prudent risk control/management (i.e., use stops and appropriate position sizing).
Hope it helps.