Investors whose sole way of making money within the sector would laugh at the phrase. The group has had many false hopes but could it be ready for a rally? Of course, I primarily focus on PRICE action and after today’s trade perhaps the answer is yes with a good risk/reward situation. The chart below of the XBI shows a possible double bottom as it gave up its entire move from the COVID low. It is hard to identify many winners in the arena, and we have witnessed some horrific action among some former Cathie Wood names with the likes of KOD and PACB trading well into the single digits with each more than 85% from their most recent 52-week highs. On a YTD basis, it is hard to find many biotechs in the green, with the exception of ABBV VRTX AMGN, and INCY. Some excitement in the group was obviously stirred up by the PFE news buying BHVN for a nice premium. The XBI is going to need more than that to keep it on an upward trajectory, however.