Biotech Rebound, Pick a Leader to Win
The Biotech sector (IBB) is looking like it wants to bounce, Wyckoff logic suggest pick a leader of the sector to enjoy the bounce.
AMGN shows a nice re accumulation pattern. As a Wyckoff trader we want to investigate stocks that show the composite man is in harmony with the desired direction of this stock. RTT Steps (Wyckoff Indicator within readtheticker.com) gives a visual presentation of the harmony. Stock looks good! One to watch and profit.
The relative strength review of AMGN vs IBB, AMGN vs SPY (via Quick Alpha pop out chart)
"Your goals are to select only stocks that move soonest, fastest and farthest in bull or bear markets. Limited losses and let profits run." ~ Richard D Wyckoff
"Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas." ~ Nobel Laureate for Economics Paul Samuelson
"It's not what you own that will send you bust but what you owe." ~ Anon
"If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he is wrong." ~ Bernard Baruch
"Investing should be like watching paint dry or watching grass grow. If you want excitement...go to Las Vegas." ~ Paul Samuelson