Wednesday Afternoon Market Commentary July 23 - $IBB Temp Topping, FB And GILD Beat, FOLD Hits.
$FOLD met first resistance of $4,25, needed to clear $4.30, could not as short hedges protected, might make another run tomorrow where short hedges might allow a bit higher to $4.45.
$FB had strong beat while $GILD had one of the biggest beats I have ever seen, nearly beating top line estimates by $800M and crushing on bottom line estimates of $1.76, to $2.36.
$FB has rallied in the after market to over $75 while $GILD has retreated, which is a sign to me that the $IBB has once again come a little too far, too fast, so I believe we temp trend lower to about $247, making a higher low there, then begin the trend towards $300 by September/October.
We will be mentioning a few IOT stocks next week, obviously $INVE will be one of them. Mike and I will work more towards that while Kyle will be focusing on IPO's and likely write some street articles for that.
Some of you have your yearly subs expiring today. U can re-up at https://stockmatusow.com/discount-yearly-subcription-non-recurring-500 Enter "100off" when prompted for password We will continue to have biotech catalyst trade calls a long with some new ideas as well, so stay tuned!
Scott
