Seasonality, and any other indicator always take second fiddle to PRICE action. Keep in mind basically all indicators react to PRICE, so it makes sense to respect that the most by far. But paying attention to signals can help form an opinion. Below is the seasonality chart of the XBI, and notice as we crawl into the month of December, it happens to be the softest month of the year regarding it CLOSING above where it started. To me we have spoke about the uptrend in the XBI, and its recent break above a bullish inverse head and shoulders formation. The ETF has lost ground just 4 sessions in all of November thus far, and has jumped nearly 20 handles over the last 8 weeks, and it would make perfect sense if the XBI did cool down next month, taking a pause before reigniting to the upside. Nothing goes up in a straight line, and this week is off to a roaring start up better than 4% already, bettering last weeks advance in firm volume. As the top holdings gain more influence with share appreciation with the names like SGEN and RGEN, some things still are trading with common sense. Perhaps one can look to the 4th largest holding, ICPT and its action Monday being rejected precisely at the very round 100 number.