The Bio’s continue to look like they have been consolidating as opposed to correcting. Here is the daily chart from an NFTRH update this morning showing the consolidation triangle. Today is making a move on that.
For more perspective and also from the update, here is the monthly chart of BTK leading the NDX (itself a leader) since 2011.
The thing is, every time I’ve thought about getting actively bearish, the Biotech sector has made me stop and think about momentum and dead bears along the road to a market top one day. So instead I trade what is working.
The Biotech sector, as of exactly 12:20 PM US Eastern time on Wednesday, March 4th remains bullish.
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