Tuesday, December 05, 2017

Biotechnology (XBI) Getting Hammered

Biotechnology ETF XBI got hamered yesterday after it made a a third attempt at resistance. Clearly this downward channel is here to stay, but what is interesting is how close my MA(144) line is. A move below this and we are into bearish territory where we begin to think about shorting stocks. Interestingly Semiconductors ETF SMH has also had a tough time of late. With December being a slow month for the stockmarket is it time for it to take a breather?