Biotech Index and Apple Should Both Rally From Here

I'm seeing a lot of buy set-ups on the weekly charts ... among the 20 or so that I've spotted, I'll only feature the ones that I think hold the most popular interest: Biotech (represented by the XBI) and Apple (AAPL).

Risk-reward in the XBI is around six times off the weekly, but day traders should be able to reduce their initial risk very quickly once in the position.

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Apple's pattern is a bit more complicated and the minimum expected risk-reward (at the $120 target) isn't great off the weekly low, but if it got back to $140, that would be nice.

If both of these set-ups fail, then you'll know we're in for a "bear market" and you should adjust your expectations accordingly. 

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Apple Back to $120

Sorry for the paucity of posts, been jetlagged after our return from the holidays.

Seeing this bullish pattern across a lot of things including Intel, Texas Instruments, Taiwan Semi., and Micron -- look at all those charts if you have time. Anyway, Apple has its fans so I thought I'd feature it.  I'm seeing lots of iPhone 6s and especially 6+s in the hands of my Chinese colleagues and elevator co-riders.  I continue to use my $27 robin's egg blue Nokia 1050 happily.

Incidentally, I'm still bearish on Twitter and expect it to get under $35 even with these bullish tech stock patterns.

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