9:13 a.m. EST: Since the ‘project’s’ positioned short biotech, that’s the focus for the morning.
The last two updates, here and here, showed biotech acting differently than other markets.
With IBB currently down nearly -15%, from its all time print high, it’s already in ‘correction’ territory; just a few percent more, it’ll be classified as ‘bear market’.
The weekly close shows another bearish set-up with what looks like a Head & Shoulders pattern. Note the second ‘bounce’ off the neckline was markedly lower than the first.
Energy to the upside is dissipating. Price action may be ready to penetrate the neckline.
As of this post, inverse fund LABD is trading unchanged to slightly higher (on about 24,000 shares).
If there’s a decisive move lower in IBB (higher LABD), we’ll change the LABD stop. With a current stop at 22.96, (not advice, not a recommendation) we’re right at break even.
Truth Begins to Surface
Stated many times on this site, with such a big (world-wide) lie, it’ll be hard to keep the truth under wraps … especially so, when scenes like this are everyday events.
Several corporations in the IBB sector, are providing the public ‘service’ shown in the above link. We’ll go into their technical condition in a separate update.
Charts by StockCharts
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