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Biotech Check



The Biotech HOLDRs (BBH) are off 2.8% on today's weakness. If we take a very short term look at the chart, note the head and shoulders formation that has traced out in June. Call the neckline the 140 level / 200 dma (139.47) with the top coming at the 7/1 high (146.69). A simple back of the envelope calculation then counts the index then to 132 based on the short term pattern. Too short for many but it highlights the pattern...

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