Chart of the day: AMAZON and the new high breakout

Amazon is setting up as a new high breakout entry. The stock is currently above it's earnings breakout level, which sets it up in a "new box" above the $415-445 range.

A close here could set it up for a run to $500.

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The explosive biotech stock you must add to your focus list

Swing traders know that biotech has been the sector leading the market.  My favorite biotech stock right now is CEMP.

The keys to a great momentum stock are volume and price action. Volume has been pouring into the stock early October breakout.  Each new breakout has been followed by strong volume and low volume pullbacks.  These pullbacks show strong price action, with each breakout forming a trading range or box followed by a new breakout.

The new breakout forms a new box.  Let's watch for a new range to develop and then buy the bottom of the range.

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