Last week we recommended that bulls trade the QQQ rather than pure biotech with ETF’s such as IBB. The strategy was based on the outperformance of biotech compared to tech given that the Q’s also have several large cap biotech stocks. Moreover with IBM and AAPL showing great earnings and price momentum it was more likely that technology would be stronger.The returns over one week would be 3% or more depending on how you traded it as QQQ is up 1.3% while the IBB is down 1.68% (the XBI was down 2%). Over one month the IBB is up 2.79% while the QQQ is up 9.65%. We will monitor this trade over the next month watching support levels for major ETF’s.
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