Loading ...BioTech Bear
On the way back from my Mexico cruise and there is nothing I like about any of the BioTech charts (IBB, XBI, LABU, take your pick). I started shorting the sector with BIS when it found resistance at the 150ema. I did take some nice profits early but quickly reloaded when IBB could not seem to bounce.
My charts show that BioTechs will likely lead the rest of the market into the next 5-6 Month Intermediate Cycle low, which I am still expecting in the late June to Mid-July timeframe.
IBB is in a bear market. BMRs will come and go as we saw in the 5-year bear in PM, but why trade that when we have a real bull market across the street in PMs?
Question of Time my friend. BMR IC Lows can be quite profitable. Witness the wave 5 lows in Aug 2015 and Jan 2016.
Oh, you’re right could get a BMR and trade it.
Not the BMR I’m interested in but the wave 5 collapse into a 5-6 month IC Low. I am shorting here with BIS. I am long the miners but gold and the miners are chopping here so hopefully I can scalp a nice drop in the stock market.