Close Your Eyes & Gilead

I mentioned yesterday that today was quadruple witching where 4 different investment vehicles expire on the same  day.  That doesn’t tell us the direction of the market but just that we’ll see some volatility.  And, after the volatility we’ve had this quarter, it doesn’t surprise me we’re getting a volatile quadruple witching day today.  Some things may not make sense today so don’t read too much into it.  You might be able to take advantage of some sell offs in some stocks you’ve been wanting.  But, for the most part, don’t pay too much attention to the move.  It’s only one day and doesn’t tell us anything constructive.  We’ll see what next week brings us. 

I’ve discussed Gilead Sciences (GILD) before on this blog and how it was outperforming the market for a lot of the fall.  It’s recently broke out and I think it has legs.  I like it because it’s a non-cyclical business in a recessionary environment and it has earnings that we know are fairly stable.  $48 was the old high and it’s now breaking out.  The next hurdle is the 200-day moving average at about $50.  If we get past that, I’d be looking for $56 as the new level.

Disclosure:  I own shares of Gilead Sciences (GILD).

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