|Day Low/High||135.60 / 139.87|
|52 Wk Low/High||32.80 / 176.50|
Everyone is a buyer of pullbacks when the market is going up but not so much when it's going down.
There are likely to be some good opportunities developing as this profit taking accelerates.
Sarepta adds another 7% on top of nearly 40% gains on Tuesday following good results for a new gene therapy.
Sentiment is very positive, regardless of what the indices may say.
The S&P 500 has shown the same pattern for three consecutive days.
But rival firm PTC Therapeutics tumbles nearly 31% on the news.
It is important for the bulls that the indices close near the highs of the day.
The Duchenne Muscular Dystrophy specialist announces early results that show a gene-based treatment for the debilitating disease may be just two years away.
Until that action dies it is difficult to be too bearish.
This underperformance is being caused by pockets of weakness in bigger-cap names.
--The program helps clinicians identify patients who may be eligible for Sarepta's clinical trials--
Finding good setups in individual stocks is still challenging as there simply isn't a lot of strong momentum.
Rotational action is the main theme Wednesday and good opportunities are out there.
Whether this market continues to bounce is going to depend a great degree on the FAANG names.
The biopharmaceutical company, which won controversial FDA approval for a Duchenne Muscular Dystrophy drug, now confronts patient groups asking HHS to take its patents and drop the price of that drug.
-- The Company will award 10 academic scholarships to individuals diagnosed with Duchenne muscular dystrophy --
With few catalysts for the markets, Tuesday's special election for a Pennsylvania congressional seat could set the tone this week.
I'll be watching for entry points to develop this afternoon.
The best way to deal with the struggling market is selective stock picking and good defense.
The market's reaction to James Bullard's comments this morning is following an all-too-common pattern.
It is important to note that watching for a reversal is much different than being short.
If we have a little consolidating action here the buyers will start pushing again.
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