Risk-Off for Biotech Trades… Update-2

4/1…at close ETF summary

FBT at $116.87 down 1.15%, early support at $115.

IBB at $340 touching bottom of upward channel, down 1%.

XBI at $220.50 down 2.22%. At technical support. ETF leader with equal weight holdings in small and mid-caps.

Another weak day for large caps ALXN, AMGN, BIIB, REGN.

————

Sideways Reversal Action Over Past Month-IBB

  • Still Up 13.2% in Q1.
  • Blow-off top on good volume on March 20.
  • Focal point-Q1 earnings for large caps.

XBI Outperformed all ETFs with mix of small and midcaps-Up 20.94% YTD

Large Caps weak today down over 2%, up 11.9% YTD

  • Leaders CELG and GILD up only 3 and 4% for quarter.
  • Rayno mid-cap motif up 29% YTD.
  • FBT up 15.9% YTD.

Red tape today with random small cap winners: DRNA, DYAX, FCSC, IMGN, RXDX.

Hold off on new positions and have 10% cash until we get through earnings period. Also the end of quarter trades may have distorted tape.

—————–earlier today——–

Major sell-off today. Summary later. Red screen today.

Follow technicals (see Kimble Charting) until churning, choppy action goes away.

 

 

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