DJIA The Dow Jones Industrial Average Index 2-Day chart below shows that the stock market topped in January and is locked in an intermediate to long term bear market. Because it has been tame so far doesn't even suggest it will be that forever, or for that matter even single more day. The Covid lows of March 2020 are my minimum target and the timeline is 6-12 months, with both price level and time for the low a moving target. Holding Long - Anything? The only shares/calls that are worth the risk of holding onto no is TSLA, but there will be other special situations that will present along the way that are too loaded on the reward side to not assume some risk, bear market or not. Along with TSLA, today I'm bringing a promising biotech that is breaking out across the board on my pattern recognition bullish momentum filters. AVXL Anavex Life Sciences Corp (AVXL) will be added to our longer term portfolio in the Premium Service in the next few days. I was hoping for a brief pullback before pulling the trigger, but it has run up from $9.50 to $12.20 (+28%) in the past week and although a pull back is inevitable, it may come from much higher prices. Nonetheless, PRO subscribers have this heads-up if you are willing to jump in before I write up the stock, on pure momentum technical analysis illustrated on my point and figure hourly chart. The company may have an Alzheimer therapeutic, of which there are none, that also lends itself to other CNS conditions. They are in multiple Phase II and III studies (link) and the next good news could be close. AVXL - Hourly Point & Figure Breakout Buy Signal Options I will add some longer-term calls to the picture in the full write-up that will be posted to the Premium Service Buy Alert when it is ready. For now, the Oct 21st $12C @ $3.75 look as good as any. Note: low volume options and Bid-Ask spreads will narrow toward the end of the trading sessions, so no need to pay-up early in the day.
