Traders,

Some thoughts to the BMY trade that triggered on my system today. The Drug/Pharma sector is strong and still stable. BMY is a low volatile stock in a news generated market that has held it ranges well ( see chart below). The move to break the range highs yesterday was a signal that I might get a trade to trigger today with some of the same price action. The stock should hold up against any moves in the major indices over the next few day. This will lay the groundwork for a bigger breakout in the near future. This is what I'm looking for in BMY. See my alerts page for the PT1,PT2 and stop loos in this trade. Any updates will be announced via the alerts to you. Just as I do with every trade.

BMY Daily Candle Chart:

Notice the nice stable range the past few weeks.

The stock started to pick up strength yesterday. See the wedge that has formed as the highs go higher and the lows are also higher.

I ran this on my system starting on Monday as I announced via the video update I sent out.

I expect a move towards 50 and I will scale out in two levels set up at PT1 and PT2. (see alerts)

Have a good trading day.

Nick Pirraglia