The white hot biotech group via the XBI, shows little sign of slowing down. The ETF is on a current 9 week winning streak and this week is basically UNCH, a very strong showing following last weeks 6% plus gain, and the S&P 500 lower by 1.5%. Today the fund acted well, higher by 1.5% on a weak tape. Couple that with no follow through after Mondays bearish engulfing candle in one of the strongest daily volume sessions of 2019, and one gets the sense there is a solid floor under this instrument (the wild action the last couple days could be largely contributed to the movement in the largest component ARWR, which after falling 13.3% on Monday, rose by 8.4% today). So much for the overall markets “Turnaround Tuesday”, but one gets the feeling that the XBI is being magnetically pulled toward the very round par number, where the fund was rejected between June-September 2018.