Markets went out near their highs today, as the Nasdaq led the way, up .7%. It finished above the 3600 which was pesky the whole week. Volume was heavy, but skewed by the enormous swell of FB. The gap on 7/11 has held up very well, a good sign. The S&P 500 is looking to flex its muscle above the 1700 level. There were some more breakouts today off earnings inspired news, courtesy of COG UA. Some biotech names had some very healthy moves, pun intended. CELG reported this morning, and proved its prior 131.92 flat base trigger pop on 7/11 was legit. That trigger was retested 7/18, and why we devote a section to plays like that, where breakouts will return to the pivot, not unusual. GILD advanced another 5% after hours, tacking on gains of almost 2% during the regular session. It recorded a bullish outside day as well. Home builders fell again today, and restaurants joined them as CAKE slid below its 50 day losing 2.5%, but did bounce off the round 40 number. If you must play the restaurants, as always, play the best of breed. CMG looks like its regaining that former status it held in years past.
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