As the biggest biotech fan out there I hope the IBB can blast through lateral resistance next week and make new and frothy highs.
The market didn’t act well on Friday, but biotech outperformed and in doing so helped the Nasdaq end ahead of the broader market.
REGN ( 4th largest holding in IBB) helped the etf on Friday as it popped about $21 or 4%. The IBB ended the day only +1%.
I believe that next week will tell us what the short term direction of biotech will be. We will either be rejected for about the third time at this key resistance, OR it will rip through that “triple toppy” level to much more frothy levels.
I’ve reduced biotech exposure,(still long names), and added some BIS as a hedge with a tight stop in case things go badly.
Another great chess game brought to you by Mr. Market.
Good luck next week.
Become a Premium Member here.