As previously noted, I have the potential to become distracted and busy elsewhere this week. So for that and market related reasons I am very lightly positioned (heavy cash).

But one position I hold is an NFTRH+ trade idea on Gilead.  The ‘+’ update was produced before GILD reported its good earnings. It was based solely on the chart.  It’s got a theoretical target up higher if this pattern is any good. I may take the profit at any time (or limit the loss if that becomes the play). GILD held up during the recent hard hit in Biotech, weekly MACD is triggering up and RSI is above 50.  So technically, this thing looks pretty decent when viewed in a vacuum.

The ‘Apples to Apples’ European equities ‘credit spread’ (daily) chart (Euro unhedged Spain vs. Euro unhedged Germany) continues to sport a bullish pattern and so, I continue to have interest in Europe for when the current correction ends. I would like to see one more upside burst in the Euro (which remains bearish on the big picture), which could drive down QE-stoked European stocks to a theoretical buying opportunity. If the chart below is still intact at such time, it would be a positive divergence indicating that risk is still ‘ON’ in Europe.