Category Archives: Sectors

Biotech Smack-Up

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During last year’s insane election, Trump made big claims about really taking drug companies to task, reigning in the crazy expenses of medicine, and in general giving the overpaid makers of drugs the kind of smack-em-up they all deserve. Well, right on the heels of his rousing success building a border wall (and having the Mexicans pay for it), completely overhauling the tax system, and sending Hillary to jail, he has, on top of all those successes and promises kept, beat the stuffing out of the drug companies, including the entire biotech sector………

0630-ibb

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What Charts Are Saying About Tech

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The new all-time high in the Technology Select Sector SPDR ETF (XLK) established on Friday June 9 followed by a high-volume Key Downside Reversal remains the dominant feature of the post-November upleg, and was accompanied by a glaring upside momentum divergence that serves as a warning signal indicative of upside price exhaustion.

2) All of the action since June 9 has carved out a sideways digestion pattern beneath the cresting 20 DMA, usually a harbinger of approaching downside price continuation.

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