I have about 30-minutes before our next excursion & was checking in on the markets before we head back out. Today appears to be a consolidation day in the stock indexes following yesterday’s backfill or near-backfill of last Tuesday’s gaps on SPY & QQQ without any significant developments.
In case this one happens to break out or starts to rally up towards the downtrend line before I return from vacation next week I wanted to pass AIMT (Aimmune Therapeutics) along as an unofficial trade setup. AIMT is a biotech co. which appears poised to trigger a buy signal on an impulsive breakout above this bullish falling wedge pattern. You can read about Aimmune’s lead investigational drug, AR101 for peanut allergy here: https://www.aimmune.com/ar101-peanut-allergy/
AIMT daily June 27th
Keep in mind that biotech companies, especially smaller biotechs with a lot riding on the success of just one or a few drugs in clinical trials are very aggressive trades as unexpected negative results from clinical trials exposes those types of stocks to unforeseen & potentially very large (20-50%+) gaps against your position. As such, best to keep position sizes relatively small, assuming that these types of aggressive trades mesh with your risk tolerance & objectives.