IvanLabrie
Long

IBB: Time at mode downtrend failure is a wake up call

NASDAQ:IBB   ISHARES NASDAQ BIOTECHNOLOGY INDEX FUND
The implications are that since IBB             failed to hold below 282.68 and drop with the market, we might see a strong risk on move accross the board.
We can also examine BID to find it's holding earnings support.
These two stocks can tell you a lot about the direction of the broad market, as illustrated by Tim West in his publications.
I am net long again, but with an open mind. Until FOMC, I doubt the market falls again, and we might even make a new all time high.

Cheers,

Ivan Labrie.
Comment:
Comment: Good move, now at support. It'd have to continue to progress next week.
Comment: IBB almost at the target. One thing: hitting the target we might come back down, unless we start a strong uptrend (for example, if we don't get a rate hike on September)
Trade closed manually: I'd reccomend closing for the week. One day left in the uptrend timer.
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