Bearish Action in the S&P; BIIB

Everything's going to open lower tomorrow after Cisco disappointed. I'll be watching to see if the market can gain traction after the open. If it rallies into the close tomorrow, it might be worth buying a bit of the SPY in anticipation of some follow through.

With this type action, you really can't buy anything correlated to the market for more than a quick trade. Support doesn't hold well and everything just keeps rolling over. However, I would start watching a few stocks/ETFs and be prepared to buy when they get to an attractive level.


BIIB was up for most of the day today but ended unchanged. If it comes down to 57.50-55, you should seriously consider buying. This stock has held up well during recent market weakness and has held strong during rallies as well. Stop out below 55.