Monday, May 11, 2009

SPPI

A lot of biotechs are strong today. This one, SPPI, is breaking out on the 60 minute chart with targets in the $8 area:


How does this fit into the bigger picture topping forecast?

A blow-off rally to end Wave 4, doing its job of getting everyone fully invested before the ax falls.

A

7 comments:

Anonymous said...

so a rally in biotechs forebodes the final thrash of this bear market trap?

Anonymous said...

Aside from what the chart says, do you know anything about SPPI? or, What the market cap may be with the many coming events, including an explosive 1st quarter, for SPPI?

Anonymous said...

i'm already trapped in one of the biotechs b4 ax falls
is it preferrable to sell now Allan b4 it becomes worse?
serge

Anonymous said...

Biotech demise certainly does not bode well for the swine-flu basket.

Anonymous said...

Allan, I'll take Anon #2 from the top...DO YOUR OWN DARN RESEARCH...IF YOU KNOW HOW TO!!

Mike

Anonymous said...

Not sure I get it. I believe like you do that a correction "should" come soon...but so does everyone else. Market Club keeps calling for a correction even though it is a market timing system clearly suggesting a "long" position on the markets. The chart shows a wave 3 "up" chart...and while this is followed by a pullback, it is usually followed by a strong wave 5 up. Why does this chart suggest Armageddon?

Allan said...

What time frame are you talking about? My most bearish chart is the Weekly.