XBI (S&P Biotech ETF) has now hit & slightly exceeded the 68.12 resistance level & the sector chopped around for a few weeks before getting there, the decay on LABU caused it to fall short of the expected 21.50 level. As such, the LABU long will be closed at the current price of 20.18. As stated in the Biotech Sector video posted last night, this is certainly an objective area to re-short the biotechs and although I did reverse my position from long to a modest short in LABU here, I ‘m still not confident enough to aggressively engage the biotechs long or short right now although my bias both short & even more so long-term remains bearish at this time.
XBI 60 minute Oct 19th