Biotech Leads the Way
The volatile biotech sector could be on its way to making a test of the highs.
The NDX scored its best day in a month yesterday.
But, is it carving out a right shoulder of a little Head & Shoulders top as shown in this chart from yesterday's Daily Market Report? [subscription required]
Yesterday, the biotechs led stocks higher with names like Pharmacyclics (PCYC), which pivoted out of a bull flag, and Celgene (CELG) and Gilead (GILD) showing strength from consolidations.
Indeed, The ProShares Ultra Biotech ETF (BIB) is on the verge of breaking out of a triangle, and continuation could see a test of highs which ties to the upper rail of a rising channel in late August.
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