Biotech Test:
We used a quote awhile back that most companies are either are technology companies or they are becoming one, or being disrupted by one. Biotech names can be classified as such too, and look no further than the composition of the Nasdaq 100, with six components, including AMGN BIIB GILD VRTX REGN and ILMN, among the top 50 in the index. Some have obviously performed better than others, and BIIB the dog of the aforementioned names, filled in a gap on 7/24 from the 7/7 session, and jumped on 7/27 by more than 5%, but still resides below its downward sloping 200 day SMA, and 25% from most recent 52 week highs. Getting back to the XBI, which is now 9% off most recent all time highs, and the composition of this fund, now shows 2 of the 3 top holdings as vaccine players. NVAX currently sports a bull flag formation that began at the very round par number, and has a pivot of 150, meaning a break above carries a measured move to 200. INO the third top holding is now trying to hold the very round 20 number, as it has slipped 42% from highs made just one month ago. The XBI itself looks ready to test its upward sloping 50 day SMA. Do some of these names above hold the cure for keeping the fund above it?