Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Todd Harrison: GW Pharmaceuticals Takes a Break

By

Momentum stocks, including the once-hot GW Pharmeuticals, are down today.

PrintPRINT
Editor's Note: Todd posts his vibes in real time each day on our Buzz & Banter where subscribers can follow over 30 professional traders as they share their ideas in real time. Want access to the Buzz plus unlimited market commentary? Click here to learn more about MVPRO.

Here are my latest thoughts on the market, in no particular order:

GW Pharmaceuticals (NASDAQ:GWPH) is sitting on its 50-day moving average in and around $62.50. The 200-day, for purposes of perspective, is down at $36.

I sold my stock this week between $66 and $71 and will look for the right time and price to enter again.

NYSE internals are 2:1 negative while Nasdaq-100 (INDEXNASDAQ:NDX) breadth is 4:1 negative, which is helping to drive another "S's over N's" outperformance day.

In a world of high-frequency trading, the markets can turn on a dime; given the current price action and internals heading into the weekend, it's the bears' ball to fumble into the close.

The iShares Nasdaq Biotechnology Index ETF (NASDAQ:IBB) is slipping now, too.

The bulls will argue that the market is simply deflating the frothiest sectors (high-beta tech) as the S&P 500 (INDEXSP:.INX) is less than 2% from all-time highs. That's true, with the caveat that these names led us higher and they may well lead us lower.

Amazon.com (NASDAQ:AMZN) down $55 (or 16.7%) from its overnight high, Tesla Motors (NASDAQ:TSLA) down $10, Netflix (NASDAQ:NFLX) down $15, Priceline (NASDAQ:PCLN) down $42; just another day at the office.

Days like today yearn for some trading commandments, and here they are.

As always, I hope this finds you well.

R.P.

Twitter: @todd_harrison

Follow Todd and over 30 professional traders as they share their ideas in real time with a FREE 14 day trial to Buzz & Banter.
< Previous
  • 1
Next >
No positions in stocks mentioned.
PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE