CELG And Rob’s Market Strategy For Tomorrow

Welcome back everyone!  Our focus on an intraday basis was on the long side today.  The DOW gave us a run for our money.  It also caused some stress along the way because it just couldn’t stay above.  The RUSSELL finally did push to the upside.  That kept the focus on the long side.  The DAX was also closed today. That was our strategy.  We were primarily watching the RUSSELL.

We locked in a distribution bar on the DOW and S&P today.  We are going to be watching this very closely.  Right now we are right at the speed lines.  We are below the speed lines on the DOW.  That is making it very easy for this market to start to deteriorate into tomorrow’s session.  This is going to be the tale of two and two tomorrow.  The NASDAQ and RUSSELL are above the speed lines.  I am going to be watching to see if the DOW and S&P drag the market down.  Otherwise I am going to see if the RUSSELL and NASDAQ start to drag the market up.  That is basically going to determine how I am going to look at this from an intraday basis.

CELGENE had a really nice dip, followed by another dip because of earnings issues.  I typically don’t end up being a bottom catcher of any sort.  However, I do really like this one at the 100 dollar mark.  This has dropped roughly 40 plus dollars in the last couple of weeks.  That is a huge hair cut on this.  There are multiple accumulation bars in here.  The opportunity back above the speed lines is to around the 120 area.  That could be a 17 dollar profit opportunity.  That comes with a risk area back to around the $95 area.  That is around a 2 to 1 reward to risk ratio.  That is a fairly high opportunity that I will be looking at now.

You guys have a great night!   I hope to see you guys in tomorrow night’s videos!

To learn more about Rob Hoffman Trader visit www.becomeabettertrader.com!

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