Loading ...Keep an eye on the IBB here
If this thing can get pulled up and close strong into the close with the rest of the market we may be getting a double bottom on the 50 EMA on the monthly. It makes sense… the news in biotech has never been worse IMO with Valeant lurking. Gary Savage is calling for a bubble phase in the biotechs especially and I’m inclined to agree with him. I have a full position as of this morning.
That’s the big question, is the market topping or not?
I just see a bubble bursting here. See the monthly chart…
Let’s see if holds the 240 support.
I really don’t see a bubble at all. Anytime that anyone says “bubble” I bring up a chart of GLW from 1998-2002. That, my friend is a bubble bursting. The rise was extremely measured in IBB considering the base. Same thing with gold… these down moves just seem like corrections in longer-term bull markets. The mania phase hasn’t happened in either the IBB nor in gold yet.