As I posted prior before this massive rally from $62 to $81 so
far, 25% of the biotech companies were trading below cash and I'm
sure it increased a bit more before the recent double bottom.
That's when the huge volume came in, XBI was strong and green and
SPX was still struggling.
This area is one of the new leaders now and for the future.
Still long LABU and have trimmed a bit into this ramp and trailing.
I did hedge a bit on the close as I'm not sure if market volatility
is over yet. Also, XBI is now at a long term 65 rsi so possibly
vulnerable for some consolidation. Ready either way and would love
more upside sooner than later.
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XBI More M&A today, Pfizer
Posted by fundamentalvalues on 5th of Jul 2022 at 10:08 pm
XBI More M&A today, Pfizer made a huge purchase prior and now AstraZeneca:
https://www.reuters.com/markets/deals/astrazeneca-buy-oncology-firm-teneotwo-up-127-bln-2022-07-05/
As I posted prior before this massive rally from $62 to $81 so far, 25% of the biotech companies were trading below cash and I'm sure it increased a bit more before the recent double bottom. That's when the huge volume came in, XBI was strong and green and SPX was still struggling.
This area is one of the new leaders now and for the future. Still long LABU and have trimmed a bit into this ramp and trailing. I did hedge a bit on the close as I'm not sure if market volatility is over yet. Also, XBI is now at a long term 65 rsi so possibly vulnerable for some consolidation. Ready either way and would love more upside sooner than later.