To follow-up on my post from yesterday, in order for me to short biotechs again, or perhaps short anything else, this biotech sector ETF chart is going to need to stage a meaningful reversal.
Simply put, since last Wednesday’s lows we have seen a sharp move to new highs which has settled into a strong if not steep uptrend channel (light blue lines).
A name like ACHN over $11.50 looks most actionable on the long side for bitoechs, though I suspect the mega cap ones would be most critical to the sector’s health.
In cash I sit…
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