“Turnaround Tuesday” certainly lived up to its name today, and one has to come away impressed that the rally basically started just minutes after the opening bell and never looked back. The XBI CLOSED nearly 7 handles off its intraday session lows, and although it is now below its 200 day SMA, one has a good level to play against on the long side. The ETF bounced off the rough 120 level which was a cup with handle breakout on its WEEKLY chart in a pattern that began last July. It will be interesting to see if that long-term moving average if retested to the upside sees heavy resistance. Some individual names that are defending levels include CDMO near the 20 figure. JAZZ is flirting with a cup base breakout near 180, and PFE has now completed a handle on its own cup base near the round 40 number. Opportunities abound if one makes the effort to find them. Bears may be looking for better risk/reward setups, as the damage inflicted in the XBI is substantial, and the XBI recorded a bullish candlestick pattern after a 50 handle decline.