In addition to the biotech video + static charts last week, I had also shared establishing my first swing short position in the biotech sector (via an LABU short) in months, along with a day trade that I took last week. While the day trade didn’t pan out, the biotechs peaked the very next day & so far that swing trade is playing out nicely. FWIW, I still think the sector offers an objective swing short entry with a stop above Thursday’s highs & might soon add XBI and/or LABU as official swing short trade ideas although I’d like to see the 54.40ish area, which is support, get taken out first as a minor reaction at this point is likely. Of course, official or not, each trader must decided what positions to trade & when to take them.
Biotech Stocks Still Appear to Be Headed Much Lower