Scalper1 News
âMajor averages rose Friday on substantially higher volume due to quadruple witching day. Oil rose significantly and may have found a floor after a massive correction, though its downtrend, should it continue, is glaringly steep. Barring a continuation of oil’s downtrend and any surprisingly negative news, odds favor quiet markets that have a slow rise into the end of the year in this interest rate friendly environment. Airline Virgin America (VA) had a pocket pivot on Friday coming up through its 10-day moving average – Strong earnings, group rank 4. Airlines are benefiting from the low cost of oil. Gilead Sciences (GILD) had a pocket pivot on Friday coming up through its 50-day moving average but this morning is down around 10% pre-open on news that Express Scripts (ESRX) agreed to make AbbVie’s (ABBV) Hep C drug (Viekira Pak, approved on Friday) the exclusive treatment for most patients. The bio-tech group has been benefitting from positive news in a number of stocks recently, but GILD shows that news in the bio-tech arena can cut both ways. Scalper1 News
Scalper1 News