11:57 a.m. EST:
It’s mid-session; Amgen (AMGN) is down 7.6%, after a poor earnings report.
The last update on AMGN, linked here, had this to say:
AMGN peaked three days later.
The chart below shows it was a Fibonacci 34-days from the 3/4/21 low, to the 4/21/21, high.
On the fundamental side, we have this explanation for the breakdown.
Missing from the earnings report, not only is customer traffic less this past quarter, it’s going to get (if our research is accurate) a whole lot less as customers literally die-off en masse.
Moving on to biotech SPBIO and 3X inverse, LABD:
As shown in a prior update, LABD has repeating trendline characteristics.
Hourly chart of LABD, below:
We’re still very early at the right side of price action to identify a trend.
However, it’s good to know what LABD ‘likes’ and expect that behavior again.
The daily chart is updated with the Fibonacci 34-day time-frame discussed previously. We’re still within acceptable time error for a potential channel.
If LABD does not reverse significantly higher from here, that potential channel will likely be negated.
Linked here, is an article just out on ZeroHedge. It discusses the ‘complacency’ of the market and how it’s ready for a long lasting reversal.
Buried within the report (and claiming ‘fair use’ to quote) we have this nugget:
“Some feature of COVID-19 will likely be the stock market’s undoing”
If there’re any in the mainstream press awake, you’ll have to read between the lines to get their message.
‘Some feature’ may just be a euphemism for mass genocide.
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