Old Dogs Still Teaching New Tricks:
The mega-cap biotech plays have been on the move as of late, and that would be upward. AMGN continues to be the best of breed in my opinion as it trades above a cup base pivot of 254.14, and although the last few sessions have recorded dubious candlesticks remain positive above the 200-day SMA at 245. REGN has broken above a double bottom pivot of 794.10 and has been on the upswing since bullish engulfing candles right at the very round 700 number from 6/29 and 7/10. VRTX has been a bit wishy-washy but is carving out its own double-bottom base with a pivot above 361.08 buyable. Below we take a look at the ratio chart comparing the IBB to the XBI and the former is currently in control. The IBB on a one and three-month time frame is UNCH and down by 3% compared to the XBI which is lower by 5 and 9% respectively. On the one-year look-back period it is even more pronounced with the IBB off 3% and the XBI down 15%. The XBI did record a bullish hammer candle but I still prefer the IBB whose 50 and 200-day SMAs are still curling higher.