On Friday we witnessed some beautiful reclaims and clean breakouts in a variety of leading names. I managed to grab a few nice adds to my positions, leaving me with reasonable size yet staying risk adverse.

There are plenty of names with nice technical setups but only a handful I have high conviction in. In my opinion the best potential plays are the biotech ETFs, you have $IBB $XBI and $LABU (3x leveraged) to choose from. $LABU has the potential to move 200-500% very quickly in a healthier market and given a lot of the leading names right now fall within this sector the odds look good.

$LABU

11 weeks of consolidation and range build, with the weekly closing at highs for the first time. A push above this weekly level would signal a breakout with a longer term aim of the 200 ema weekly ($45). My plan with this trade is to enter and scale above $9, I also plan to pick up the $40 strike for 410 days out.

$BE

Although I’m already positioned in this name I’m looking to add. The weekly level has tight consolidation against the MAs with other solar names such as $ENPH, $FSLR, $SPWR putting in some nice moves. A break above $23 is my level to enter.

$CPNG

Still patiently waiting for this name to hold the $20.10 daily\weekly breakout level. Once it doesI’ll be looking to add more size.

$LTHM

Very strong reclaim on Friday and a leading name in lithium, with the steel names moving it’s likely this sector also gets bought up. Looking for an add over $28.50.

Accompanying Notes:

Very nice price action last week, a lot of names should signs of continuation, is the Santa rally on? Below are a list of leading names I’m keeping a close eye on $FOUR, $GFI, $HL, $IBB, $TH, $SILV, $LTHM, $DOW, $SMCI, $GFS, $RUN, $SPWR

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