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It is worth remembering that the biotechnology stocks started off 2012 with a very powerful move supported by expanding buy volume. For the month of February, the biotechs corrected sideways, through time, like many areas of the market. Considering how high beta the sector tends to be, the high and tight bull flag on the weekly chart of IBB, the sector ETF, is even more impressive than usual. Note how the 2011 highs have been clearly held above, despite the occasional shakeout with the shadows on those weekly candles.
The next price trigger would be a move through $122 on the IBB with buy volume coming back in, although the overall volume pattern has remained bullish.
I want to constantly remind myself that when a sector shows immediately strength of this magnitude to start the year off, it is a distinct possibility that the biotechs will be one of, if not the, leaders of the bull going forward.
Members of The PPT and 12631 can click here to see individual biotechnology ideas, sorted by up-to-the-minute PPT Technical scores.
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big ((Grin)) here..
funny clip