Illuminating Again

Bear flag is complete and breakdown move possible. The first chart is inverted because unlike head-and-shoudlers patterns, I don't see as much recognition of the inverse. If you show bulls that pattern they will be very excited about a potential breakout.

Chart Dump

Lots of great setups again. Going through my old list...

Illumina Looks Ready for Another Plunge

Illumina Inverted

Illuminating

The rally in ILMN is done.

Kick in Like a Turbo Booster

Same pattern in BTC.

Wild Day; Watch HY Credit Spreads

Still long XBI, IBB and ILMN. Still long XLC calls. Went long META calls and EWG calls. Added more JPY calls. Added HG calls (copper futures). Still holding GE calls (Eurodollar futures).

Traded QQQ calls intraday.

Closed more TLT calls, still have some ZB calls.

Closed USO puts. Got out of long USO daytrade.

The next line in the sand is 3850 for the S&P 500 Index. Get above that and the rally can start taking shape, but there could still be a smackdown. The fact that JPY hasn't moved is not good, nor is the breakdown in the euro. I don't think those are necessary components for a rally, but they are potential nuclear bombs for the market should they collapse. The worst thing I see is HYG and credit spreads, also a big nuclear warhead hanging over the market. HYG was up today, but since treasuries popped far more, that indicates high-yield spreads are blowing out. My take is a rally requires those credit spreads to drop, then the trap door will slam on the bears. If high yield spreads keep rising and HYG breaks down, it'll be time to dump longs and go short for a plunge-o-rama.

Calls on ILMN

This is one I was posting as a short target earlier this year. Now I'm buying calls in case of a snap back rally.

More Charts To Ponder

I neglected to include XBI in the h-pattern post. That one is a also a major and imminent pattern whose resolution will have important implications for the broader market.

Illumina Again

Posted several times before, but this looks like the final break is coming. Note the similarity to BTC and other charts here. It's becoming an all or nothing market. The blue line below is long-term support.

Here is Illumni and BTC layered from late October 2021. Almost six months joined at the hip.

Rollovers

The Biowreck Industry

After looking at one of Cathy's top holdings, I decided to look at biotech again. Of note: IBB has underperformed some of the better looking setups because the vaccine makers like Moderna and Biontech hammered the fund. Whether that shifts moving forward we shall see. Options-wise, it's about as expensive (or cheap) to go with IBB as some of the ones below.

Options are more expensive now, but large-cap biotech is still reasonably priced.

Bombs Away

Break imminent.

Illuminating Shorts

If you're bearish right now...ILMN could be headed for a breakdown.

Goldman Sachs is more liquid a target for options and has a great chart, but I like Blackrock a little better because it has been underperforming.

I posted Cintas over the weekend too, and it cracked. Ready to go if the market goes.

Although it needn't fail right away, if this is a bear market, the h-pattern seen here in Domino's should reliably complete.

Kill List

I started going through a screen list and then just started looking at high-priced stocks. The same pattern keeps appearing because the whole market looks ready to plummet.

Cold War Goes Genetic: Illumina Sues BGI Genomics

Caixin: Chinese DNA Sequencing Firm BGI Faces Legal Battle with Illumina

BGI’s subsidiary BGI Europe was sued by Illumina Inc. in Denmark on alleged patent infringement last week. The complaint alleged BGI's sequencing products and related sequencing chemistry reagents infringe on Illumina's European patent.

The case followed another infringement suit filed by Illumina in Germany against another BGI subsidiary, Latvia MGI Tech, in March.