Tuesday, February 28, 2017

Biotechnology: Remember When I Said This Would Happen?

The moves in Biotechnology ETF XBI have been virtually textbook to the point that I haven't even moved my arrows (odd since I'm often correct but that it takes a tremendous amount more time than I usually anticipate). There was a retracement as forecast with a bounce off of the support line created from highs back in September and November. Today there was a monumental push in XBI, likely on the heals of the State of the Union tomorrow which is being seen by many as pro-business pro-tax cuts. Today there was another break above the old resistance line at around $69.10 which was met with another buy signal on my momentum indicator.