The Universe Speaks: Seattle Genetics

I posted SGEN on March 22, 2020 in: Coronavirus & Markets Potpourri: Economic Phase Change and Yuan Deval Incoming. That was one day before the bottom.

With coronavirus, I see far too much panic these days. It's partially why I think the long-side will see incredible short-term gains. This sounds nuts even to me, but I think the market is primed for 15-20% upside in one day if there's a combo of good news and a short-squeeze. I'm becoming less confident in this forecast though. Monday might be the breaking point.

The Fed would announce its bailout and away the markets went. Yuan did not depreciate as expected, but here we are again with yen tumbling and the yuan would follow if it keeps going...crisis points keep rhyming and all the prior crisis points have been contrarian buy points...

Biotech is another rhyme. It was bouncing around long-term support levels. I posted on ABBV, BLUE and SGEN right as the bottom was coming in. I checked in on SGEN again yesterday and look here:

I have an alert on the resistance line. Perhaps it will break before the broader market rebounds.