Biotech Refused To Play

During today’s Fed induced squeeze, one index was noticeably stubborn.

Biotech looked like it was going to play along.

However, as the regular session wrapped-up, biotech XBI, retraced, proceeding all the way down to close near its prior day’s close.

Biotech XBI, Hourly

The hourly chart shows the initial squeeze that didn’t.

The last hour had significant volume, indicating the potential for more downside at the next session (not advice, not a recommendation).

Contrast performance of leveraged inverse semiconductors SOXS, at a massive -20.21%, loss on the day to leveraged inverse biotech LABD, at just -0.34%, loss for the day.

Stay Tuned

Charts by StockCharts

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