Technical analysis of the biotech sector etf, XBI, as well as several leading biotech stocks. Note, I don't have a strong opinion on the near-term direction of the biotech sector & as such, you might want to skip this one. I recorded this video in response to a request for my thoughts on the biotech sector from a member in the trading room. I don't see many actionable trade ideas in the biotechs at this time although I decided to post the video for anyone interested. Key support & resistance levels as well as some additional comments on the biotech sector [...]
Technical analysis on the US stock market along with several sectors that stand out at this time including the Euro & US DollarGLD (gold ETF) & GDX (gold miner ETF), XBI (biotech ETF) & XES (oil & gas equipment & services ETF).
Technical analysis on QQQ as well as the market leading FAAMG stocks followed by the outlook for the biotech sector via XBI and a few of the largest biotech stocks (most of which are components of QQQ). The following ETFs & stocks are covered in this order: QQQ, AAPL, GOOGL, MSFT, FB, AMZN, XBI, ABBV, AMGN, CELG, GILD, BIIB & REGN. Playback speed can be increase in the video settings to reduce playback duration.
As this video ran longer than I had anticipated, I'll sum up my thoughts for those that don't have the time or inclination to watch the entire video. Despite the fact that the biotech sector has been drifting higher in a choppy but overall bullish trading range since the February lows, there is very little, if any, evidence on the long-term charts that indicates the bear market off the July 2015 highs is over. The biotechs very well could be on their way to new highs but again, the technical evidence to support that case just isn't there yet, although it [...]
A detailed look at the chart of the biotech sector ETFs: XBI, IBB & PBE as well as some of the leading stocks in the biotech sector. As this video went a bit longer than I anticipated, I decided to post the daily charts of some of the top individual biotech stocks in static format below.
This video is a follow-up to the Biotech Wreck Pending video published on July 30th. The video starts with coverage of the biotech sector ETFs; XBI, IBB, & PBE, followed by a quick look at a few of the largest components of the biotech sector. Although key support levels & prices targets as highlighted in the video, I plan to follow up with some static charts and detailed notes for both the biotech ETFs as well as some of the individual biotech companies that stand out as attractive shorting opportunities in 2016.
These are the charts of some of the largest components in the biotech sector. My reasoning for closing about 60% of my biotech shorts shortly before the close yesterday & closing the remainder shortly after the open today, as well as reversing to a long position, was the fact that the majority of top components in the sector had reached one of my profit targets (most of which were covered in the July 30th Biotech Wreck Pending video) , most with bullish divergences in place on the 60-minute chart. Many of these stocks have also traded on heavy volume as they reached these levels [...]