Biotech has had its groove back since a double bottom on the XBI 7 weeks ago. Whether it be the small caps judged by the PSCH that witnessed a strong drawdown after a double top near the very round 200 number almost one year ago. Or the XBI which is higher in just 2 of the last 5 weeks, but the gainers were both robust with double-digit advances. If mega caps are your cup of tea the IBB which now trades “just” 30% off most recent 52-week highs (compared to the XBI which is 39% off its annual peak) is bull flagging just like the XBI (reminder bull flags that form underneath the 200-day SMA are failure prone but let PRICE as always be your ultimate guide). AMGN sits just 3% off all-time highs as it navigates its way toward a bullish ascending triangle near 259. The stock has declared itself the leader of the former “big three” (used to be four before CELG was taken out by BMY) as it is the only one that trades above its 200-day SMA. The group is firing on all cylinders.