Loading ...IBB Update
Another classic lesson in buy support and sell resistance. Almost a layup climbing into LABD as prices tagged downtrend channel and fib resistance. IBB has already given up nearly all gains in the past 2 weeks in just a couple of days. Plus Mr. Savage was telling his subscribers that biotech would very likely break resistance….ha….poor odds Gary….he should give up cycles and try TA 😉
Here’s an example of reckless advice given to subscribers yesterday on this sector. It is unconscionable to recommend buying into multiple resistance levels in a downtrend. Either sell/short there or stay in cash until the breakout is proven.
I now have a position in BIS from yesterday and am expecting an IC Low in the broader stock market in late June/mid-July, based on Cycles. 😉
Thanks, Mark – making some quick $$ with LABD. Appreciate your charts a lot!
Glad you’re making some dough!
Mark, thanks for your posts about this. I made a little with IBB but sold when I saw your post. My Heiken-Ashi chart also called for a sell on the daily. I bought LABD because of your post and am now well in the money.