Yet Again, Biotech Remains Vulnerable
Biotech
(
$BTK.X |
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Chart |
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PowerRating) mentioned recently,
tailed higher earlier in the day but reversed to close poorly. This action
suggests that its downtrend remains intact. Continue to look for buying opportunities in puts and put spreads
here.
Major drugs
(
$DRG.X |
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Chart |
News |
PowerRating)
and healthcare
(
$HCX.X |
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Chart |
News |
PowerRating) failed to follow through from Wednesday’s
melt up. This action suggests their downtrend from a bigger picture top remains
intact. For the nimble, look for buying opportunities in puts and put spreads
here.
Best of
luck with your trading on Thursday!
P.S. Reminder:
Protective stops on every trade!