Friday, March 1, 2013

Celgene (CELG) Breaks Out to the Upside Once Again

After digesting the big gains made earlier in the year, Celegene, a NEW America folio position,  has broken out to the upside once again. This is one of my top high conviction picks. It currently represent 25% of the New America folio. As I write it is up another 1.47%.

I have been carefully and methodically adding high conviction positions to GWM Model Portfolios.

(click on chart for easier viewing)

Celgene Chart

The recent tight price pattern in Celgene
tells me that institutions are providing good support
for this stock.
The big boys seem to have a methodical  and continuing
buy program  in place. This is something I look for.

Even after a nice bounce the market remains vulnerable to political headline news, so caution is still the word of the day. At the moment Investor's Business Daily still has the market condition labeled as  "Market in Correction". A mostly defensive posture is still appropriate. It's not time to back up the truck yet.

Market Snapshot

The Market Snapshot is depicting indecision on the part of investors.
There is a stalemate standoff between the Bull and Bears.
It still could go either way. 

This blog post does not constitute an offer of investment advice. This blog is only provided for educational purposes. Please read the Important Blog Disclosure posted in the right channel bar.

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