Questcor Pharmaceuticals & Market Update

I had a video for tonights market update all ready to go and I had an error occur so I’m going to be slightly brief. I wanted to talk about where the market is going to go after today’s huge rally, where everybody made a lot of money right? You had opportunities to buy stocks Thur, Fri, or Mon, and it was quite a low risk trade (about 20 points). Barring any major meltdown, the market was really overdue to toss some cookies over to the bulls.

Resistance at the gap is probably what’s going to happen, and it also depends on how fast we get there. If we gap up and move 25 points on the Nasdaq tomorrow, then we’re probably going to pullback there 100%. If we consolidate today’s gains and slowly grind higher I’ll have to reanalyze it.

If you didn’t make money today you need to ask yourself what were you waiting for to buy some long ETF’s or at the very least take you profits on your short positions.

I wasn’t going to buy any individual stocks but I’ve had this on my watchlist for awhile. I like the pullback with it outside it’s lower BB and the RSI has remained in the bull 40-80 range. Well, technically it is just outside that range, so I am expecting a bounce back soon and the volume accumulation appears to be very bullish. They report earnings on July 29th, so I’ll definitely be out of this trade by then