Getting stretched to downside short term so trail stops if
short...BIS has been a good hedge/trade of late. My ISP has
been intermittent so trying to get that resolved.
mdgrain - LABU (leveraged biotech fund) bounced over dollar
short term. Was referencing short term. Respect the triggers on the
TIME FRAMES you trade. For example, LABU was diverging at the
lows on 5/15 minute charts and thus the opportunity for a bounce
trade.
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Some Biotech Daily Views
Posted by steve on 21st of Jun 2016 at 01:50 pm
AMGN - Chart Link
BIIB - Chart Link
CELG - Chart Link
GILD - Chart Link
Getting stretched to downside short term so trail stops if short...BIS has been a good hedge/trade of late. My ISP has been intermittent so trying to get that resolved.
kIMBLE - Bio Tech- Market Leadership testing breakdown level
Posted by sbaxman111 on 21st of Jun 2016 at 03:35 pm
06/21/2016
Bio-Tech was tons stronger than the broad markets from 2011 to 2015 at (1) above. Once support broke and Bio-Tech kissed the underside of resistance at (2) above, sellers stepped in and this leading upside sector, now has been a leader to the downside since July of 2015. Once weakness started taking place in this sector, broad markets did the same.
Now Bio-Tech IBB could be forming a “Bearish Descending Triangle” with a key test of support taking place right now at (3) above.
No doubt support is support until broken and support still remains in play at (3).
If sellers step forward and IBB/SPX breaks support, it would reflect new found downside leadership from this key sector, which could spill over into the broad markets.
We humbly feel that the next big move to take place at (3), could well impact portfolio construction heading towards year end.
Thanks for clarification, Steve
Posted by mdgfain on 21st of Jun 2016 at 04:15 pm
Go long?
Posted by mdgfain on 21st of Jun 2016 at 03:19 pm
Steve, are you suggesting that these Biotech stocks may be ready to turn around and may be a good buying opportunity now? Thanks.
mdgrain - LABU (leveraged biotech
Posted by steve on 21st of Jun 2016 at 04:05 pm
mdgrain - LABU (leveraged biotech fund) bounced over dollar short term. Was referencing short term. Respect the triggers on the TIME FRAMES you trade. For example, LABU was diverging at the lows on 5/15 minute charts and thus the opportunity for a bounce trade.