… Bad News, Comes Out
Is that where we are with Biotech?
Houston Methodist Sued, $25-million
In what may be just the beginning of similar actions, is this the pivot point?
Part of a lawsuit’s process is ‘discovery’. That’s probably the last thing any ‘institution’ wants.
ZeroHedge picked up the news, linked here; the comment section is telling.
Potential for a significant reversal in SPBIO, has been on the radar for about three-weeks.
What’s price action saying at this juncture?
For starters, within the first hour of today’s session, we’ve already had an ‘outside-down’ print; last session’s highs and lows have been exceeded by today’s action.
Shifting gears for the next chart, we’re looking at 3X Leveraged Inverse Fund LABD.
The Wyckoff spring set-up is clear. The testing discussed in this update, is per-the-book for Wyckoff action.
‘Tests’ can always fail.
That’s why it’s called ‘The Danger Point’. It’s the location where the risk of being wrong is least (not advice, not a recommendation).
The next chart, also LABD, highlights the record volume on two time-frames, daily and hourly.
This is a potential ‘changing of hands’ from weak to strong for the short-side on SPBIO.
It should be noted, last week’s volume for LABD, was also a record, making it three time-frames.
As this post was being created, LABD continues to rachet lower into what is now a deep test.
Currently trading at LABD 25.98 (mid-session), we’ll see if the test holds and LABD finishes higher for the day.
Meanwhile, the fundamental backdrop and pressure continues to build.
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The Danger Point®, trade mark: No. 6,505,279