Celgene, which i recently recommended shorting, is becoming overextended in the very near term on the downside. The stock is likely to hold up and consolidate on its 50 sma before heading lower once again. This is also a spot where you might take some profit (should be around 5 dollars worth right now) and let it rise some before shorting once again. Chart patterns are not set in stone and shouldn't be followed religiously.
Also, interest rates look due for a bounce, meaning that prices should begin to fall in the near term. Looking at the 10 year treasury yield chart ($TNX). The yields looks like they have support at 4.30%. However, if credit issues swing up once again, we could very well break through that level signalling higher prices and lower yields in the near future.
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