LABU - Rally must go on
It was a bit early for this pullback. I was quite sure that the oil rally will push up S&P to new highs - it didn't happen though.
It's too early for LABU and XBI to print any scary correction now. We are tagging the 20 EMA in XBI and that might be the end of this pullback both in LABU and XBI.
If oil continues its run - and I think it will - that will be oil on S&P's fire.
That could give a push to the biotech sector as well.
Hopefully Hillary doesn't attack biotech again in the following weeks so we can finish this daily cycle with great gains.
It's too early for LABU and XBI to print any scary correction now. We are tagging the 20 EMA in XBI and that might be the end of this pullback both in LABU and XBI.
If oil continues its run - and I think it will - that will be oil on S&P's fire.
That could give a push to the biotech sector as well.
Hopefully Hillary doesn't attack biotech again in the following weeks so we can finish this daily cycle with great gains.
Comment:
Today we might start a good bounce in LABU. It's a possible good entry or adding point...