I gather you are considering a short at the daily butterfly extension, with a stop just beyond this. 69.75-70 entry, stop 70.50 or so. If it passes through, then your weekly decisions come into play. and a move beyond 75 could vault it -quickly - to challenge alltime highs. THe BBH is near its high, having recovered from a pullback that shifted the moving averages in a bearish posture and painted a cautious PNF. I would take sector cues on any position, even though AMGN is the biggest component of BBH. The other biotech indexes/etf - BTK IBB have not reacted as well as the BBH. They probably don't have the same weighting. If short and the reversal pans out from the daily butterfly extension, I would target the X-A length (around 65) then the 40 dma (has provided continuous support since December) for an immediate decision. A close below that might be the start of something big.
AMGN made a switch (bull to bear) at end of APR according to the P, V relation. It is completing a climax run (with due considration of it's volume range).
short now @70.21. Traded AMGN several times during the last years. So I know this stock always comes back. This seems to be the longest up move in the last 3 years, but it won't last forever. Sell short high, cover lower.
I have not...However, BGEN recently triggered long off of a Bullish Gartley against Fib price support on July 1. -D
Wow, Mr. Hobbs, fancy meeting you here, it's Todd. We're in for a real treat with D.H. in the lineup here on Elite Trader. I know you guys are on the biotech train here, but was wondering if you all could send some feedback my way about the daily SPX here. Man it looks like it's at the end of it's run for a while... thoughts, feelings, insults? All welcomed. -TG-