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IBB

IBB: Could be range bound hereI'd reccomend looking to exit from biotech longs before news this week. The resistance level between 290.75 and 293.47 is quite significant, and the forecasted target from my previous chart is almost hit. Anything above that target is a really decent exit for now. The market being sideways, is what would frustrate the most people, and thus, it's the most likely scenario here, in the short term. I'll be focusing on riding the short term legs via SPX, while holding my longer term fundamentally biased trades, heding my exposure to longs by selling calls when viable, and/or buying puts, whilst also being able to quickly switch from long to short SPX cfds, and generating uncorrelated returns from FX and commodity trades. Good luck! Ivan Labrie.
NASDAQ:IBB
by IvanLabrie
IBB: Time at mode downtrend failure is a wake up callThe implications are that since IBB failed to hold below 282.68 and drop with the market, we might see a strong risk on move accross the board. We can also examine BID to find it's holding earnings support. These two stocks can tell you a lot about the direction of the broad market, as illustrated by Tim West in his publications. I am net long again, but with an open mind. Until FOMC, I doubt the market falls again, and we might even make a new all time high. Cheers, Ivan Labrie.
NASDAQ:IBBLong
by IvanLabrie