2waytrading

Don't trust the market til this reverses from downtrend

INDEX:BTK   Biotech Index
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It looks the bleeding slowed down but not out of the woods yet. Keep an eye on this biotek index to see a possible bottom in the market.
It is a good chart to look at, but doesn't logic tell you that the BTK will be the last thing to respond to the reversal back to bullish? Investors will first come back into stocks that are perceived as safer with good upside potential like for instance, dividend payers and long time history of rising prices, stocks over 200day and 50day, stocks that are on the move up. BTK would be a lagging indicator. A great time to start to watch it though I agree, but I think a better sign of reversal will be to see companies that are not the dividend payers / safe plays, but the medium plays, good solid long-term uptrend seen continuing.... For instance, TSCO, ORLY, ULTA, etc. I think personally a great play would be to buy the BTK when you see these other three have and hold on to breakouts.
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