EXAS Exact Sciences also Looking for a Northward Breakout

EXAS or Exact Sciences is another biotech that looks like it wants to bust north soon.  Again at the risk sounding too repetitive, the biotechs are marching along higher despite the recent destruction in the major indices.

This is a positive sign for the group and can allow them to be leaders when the market trend turns back up again.

Look for EXAS to make an attack on 8.28 with a possible first end target of 9.00

The volume on the recent 5 day advance is not exactly blockbuster, in fact it is weak so there is some more caution associated with EXAS since I like to see a huge volume build up into a breakout. But so far this is not to be seen with EXAS.

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When the going gets tough, the tough get going.. and the tough ones right now are the biotechs…

Posted in Biotech Stocks, Stock Setups
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3 comments on “EXAS Exact Sciences also Looking for a Northward Breakout
  1. JR says:

    I have been quiet the last few weeks sitting on the sidelines. Anticipated a correction, and stood clear.
    We may have seen the end of the correction over the last few days. Actually, the bears have not been showing a lot of conviction, the correction has been modest.
    I have taken a few biotech positions. As you know, I have liked AFFX, but also am now interested in VRUS and VICL
    As you pointed out for the most part these type of stocks have not been hurt by the correction. For example AFFX continued to climb through most of the correction and never showed any weakness.
    The EURO is problematic. There just seems to be too many big players, big banks, various governments, giant multi nationals, etc., who have too much flesh in the game to let it crash.
    Although Friedman predicted the EURO would not last, his time frame was surely wrong. The Euro has endured far longer than he predicted.
    The philosophy behind the common market is very, very strong. The currency thing needs some fine tuning. Do not bet on the common market crashing!
    It is interesting that toward the end of each market day, the non emotional smart money has come in to buoy it up. In other words according to intelligence report, emotional money comes in in the morning.
    Ration smart money in the last half hour. If you buy that premise, which does seem to be correct, then we can conclude that smart money is on the upside and that the correction is about played out!
    Of course we will all know in the fullness of time.
    Good Luck!!

  2. Tom Tom says:

    Yea JR AFFX has been quite the champ during this entire mess… I looked at VRUS and VICL and seem to like VRUS more as it looks more ‘clean’ and seems a good shot at testing its swing high of 135 since it has not been tested yet.

    Yes there are a lot of big interests in the market that want to keep it afloat… seems like the deck is usually stacked against a market downtrend. Today was no exception.. lets see if they can still hold the market up after today’s big reversal..

  3. ed says:

    The market moves on stories that are blown out of proportion

    Think wealthy insiders going long the market then leaking a story to one of their whores (Reuters) who then passed it to other outlets so they could reap the short sellers.

    There is nothing conclusive that the Greeks will accept this austerity program and yet it is played as if it’s a done deal

    All this means nothing in the total picture and yes I think we are in for more punishment in the market as Bernake needs cover if he expects to get approval for a QE3

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