Biotech Pause?
As an unlikely group gains strength heading into an election just weeks away, investors are taking notice. Both the XBI and IBB trade just 2 and 3% off their most respective recent all time highs, and the former was above a cup base pivot until Wednesday, and the IBB stalks a cup base trigger of 146.63. The week is now half way finished and one has to be somewhat impressed so far with the XBI, basically UNCH heading into Thursday, AFTER a 9% gain the prior week. The last powerful WEEKLY advance of 11.3% week ending 9/18, was followed by a WEEKLY loss of 4.7%. Names that are contributing to keeping this group moving north are TWST, on a current 4 week winning streak that rose by a combined 38%, and this week has added almost another 1% thus far. CRSP which jumped more than 22% last week, is up another 3% heading into Thursday, and it CLOSED above the very round par number Tuesday, but Wednesday reversed very hard recording a bearish shooting star candle. A cup base pivot of 105.22 can be added to with a CLOSE above the pivot (was well above intraday Wednesday).