10/19/2020 Stock indexes flat this week, and I went long on AMGN. Still bullish very near term and bearish medium/long term.

Hi everyone. I added a short term swing trade (long) on AMGN this week at 235. I will sell before earnings in about a week and a half. My overall outlook on the market remains the same: bullish very near term (1-2 weeks) and bearish on all time frames after that. I think valuations are still too stretched in the FANG stocks.

SPY weekly chart below:

Since I’m bullish in the near term, I went long on AMGN this week at 235. Chart below (SL 225, Profit exit: 255 OR before earnings)

I hope you have a great week!

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