GILD - big money call buying

Whilst the main market continued to battle upward, there was powerful strength within Gilead Sciences (GILD) which settled +5.0% at $78.10. There is a clear bullish breakout, and the door is open to first big target of $90. With an FPE in the 10s, yours truly is m/t bullish to $100/10 before year end.


GILD daily

GILD monthly

Summary

Gilead Sciences saw a decisive bullish breakout, pushing straight through resistance in the $76s. Seen on the bigger monthly chart, the January candle is giving major support to the notion of the key higher low of $69.57 seen last November. Soft target has to be around $90.

Interestingly today, there was notable call buying in the May $90 calls...

Pete Najarian of investitute.com highlighting unusual activity

Today's 'big money' call buying is a good sign, and gives extra confidence that my original outlook is soundly based.
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This afternoon, Gilead caught further mainstream attention, via the JPM health conference...

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With an FPE in the 10s, the stock is unquestionably superb value, and could easily see $90 by late Feb/March.

yours... no fan of health/bio stocks, but GILD is 'fine'.

GDX - a fourth week higher

With gold and silver higher for a fourth consecutive week, the miners followed. The ETF of GDX settled the day -0.2% at $23.67, but that still resulted in a net weekly gain of 1.8%. Near term outlook is bullish. Things turn decisive if Gold >$1400, which would offer hyper upside in GDX to $50 by mid 2019.


GDX weekly

GDX monthly

Summary

A fourth weekly gain is kinda interesting, but when seen on the bigger monthly chart, its still a case of 'broad chop' for the better part of a year.

Things would turn decisively bullish if GDX can break the Feb' high of $25.71, which would open up a run to the summer 2016 high of $31.70. Copper and oil are both indirectly bullish signals for gold/silver, and the related miners.
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For those who like a little adventure...



Fascinating to watch, but there is no way I'm crawling in there!

Bullish miners, especially those seeking gold, silver, and copper ones.

MU - a second day of gains

Whilst the main market held moderate gains into the close, there was further significant strength in Micron Technology (MU) settling +3.0% at $44.98. A second attempt to clear psy' $50.00 is due, and from there, a fast run to the 70/75 zone.


MU, daily

MU, monthly

Summary

Suffice to add... all those getting overly twitchy last week are now starting to get confident of an eventual break above the psy' $50.00 threshold. For the m/t longs, whether that is before end January, or not until the spring, it just doesn't much matter.

Yours truly remains m/t bullish to $100 by spring 2019. With an FPE in the 4s... that really isn't bold at all.