Biotech Sector (IBB):
Rising wedge with a twist – Another rising wedge, but the biotechs continue to impress with their relative strength and ability to stay above the rising 200dma. However, it is difficult to imagine this sector being able to resist the market tide and head higher from here. A more likely scenario is a move lower toward 320-330
Gold Miners (GDX)
Double bottom? – Several astute analysts have noted the relative strength in the gold miners this past week and they indeed look like they are in the process of putting in a three-month bottoming structure. It is too early to declare a longer-term trend change here, though. For this to happen, the gold miners (GDX) would have to consolidate here and then reclaim the 15-16 area.
Thanks for reading and have a great week.
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Author or his clients may hold positions in mentioned securities. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
