Once You See It.

Legend has it, Wyckoff locked himself in a room with nothing but a stock ticker and telephone; working many hours to decipher what the tape was telling him.

Later, the result of that effort was presented in his seminal text, Studies In Tape Reading, first published in 1910.

One of, if not the most important concept of that effort (also in his training materials) was, ‘What’s the market saying about itself?’

We’re going to use that idea to look at the biotech sector and specifically XBI.

Biotech XBI, Daily

There it is:

We have at least three significant thrusts lower; four if you count the one on August 28th, all of which suggest that XBI is in ‘distribution’ (not advice, not a recommendation).

Stay Tuned

Charts by StockCharts, TC2000

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.

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