Biotech Stocks Stage A Key Pre-Christmas Rally
There’s not much moving this Friday before the long Christmas holiday, but there is one sector that is putting in a notable rally after a steep and under-performing multi-day sell off.
It’s biotech stocks and here’s the $IBB ETF seen below on a 2hour chart.
As noted, its been a laggard recently, and it was in the process of rolling over and re-testing the December lows around 262 until todays abrupt reversal.
Here’s the daily chart.
It’s clearly got it’s work still cut out for it, but perhaps the bulk of end of year tax loss selling has completed and it can begin to rally off this early but potential higher low.
We had been shorting biotech over the past few days via $LABD but were quick to cover our remaining shares on this mornings rally.
We entered into LABD on 12/19 at $17.53 and had an average exit of $18.51 for a quick +5.29% gain.
If you would like to participate in more swing trades just like this into the new year, I encourage you to check out our membership options.
Thanks for reading and have a great Christmas Holiday!
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