VRTX Looks Like A Leader
Even though the S&P 500 is still trading near its' lows, this is not a time to tune out the market. Instead, it's best to be on the lookout for the next wave of market leaders. Vertex Pharmaceuticals may just fit that category. What strikes me the most about VRTX is the strong prior uptrend it had earlier this year. I bought this stock near the 50-day in early March and sold it on the way up, but I've been looking for a reentry for quite some time now. My reasoning is simple- I've only seen that kind of gain on a handful of my trades this year, and I'm looking to circle back to a stock that is showing particularly impressive strength.
Vertex appears to be forming a cup and handle style base on the weekly chart. In addition, this strong relative strength stock is also in the biotech group, which has been one of the best performing groups this year. Overall, VRTX is one of the most fundamentally sound stocks in the market, with a history of strong earnings and sales growth, as well as a return on equity of over 30%.
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