The following is just a small excerpt from my latest Weekly Strategy Session (please click on that hyperlink for details about trying it out). which I published for members and 12631 subscribers this past Sunday.
If we do see an imminent blow-off top in the market, it is already playing out in the biotechnology sector.
The monthly chart for the sector ETF shows that the steep and uncorrected angle of ascent since early-2012 is essentially going vertical now. Simply put, this is unsustainable price action.
However, timing the exact moment when the biotechs come crashing down is an arduous task. Nonetheless, aggressive traders will note that BIS is the utlra-short ETF for the sector to keep on watch, with perhaps a Monday or Tuesday morning gap higher in the sector representing a sound entry point for the short.
However, we know that the sector ETF is heavily-weighted towards large cap biotechs, such as AMGN BIIB CELG GILD VRX, etc..
While there are not a plethora of quality long setups in the sector, headed into Monday, there are some small and mid-cap biotechs which merit your attention on the long side, on further strength this week, including…
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Parabolic !!!
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Chess, when you look at the volume at price for the IBB going back to 2001. there really isn’t much supporting it until approx $87… Looks like once it goes, it could get really fast.
That BIS, what a meat grinder it’s been..lol! A hit-and-run instrument for sure.