Biotech Still Vulnerable
There’s not much to look at tonight. Many
sectors that appeared to be failing (e.g. the semis, broker/dealer) bounced on
Tuesday. Therefore, I’m taking more of a wait and see approach.
Although biotech
(
$BTK.X |
Quote |
Chart |
News |
PowerRating) was up on
Tuesday, it still looks vulnerable longer-term. Therefore, continue to look for buying opportunities in puts and put spreads
here on signs of a reversal back into the direction of the downtrend.
Major drugs
(
$DRG.X |
Quote |
Chart |
News |
PowerRating), which were also
up on Tuesday, also look like they still have the potential to resume their
downtrend. Continue to look for buying opportunities in puts and put spreads here.
Best of
luck with your trading on Wednesday!
P.S. Reminder:
Protective stops on every trade!