Monday, September 19, 2016 12:45:50 PM
Looking at the XBI chart, RSI apparently touched very near 70 this a.m. before pulling back slightly, but it obviously could run well up to the 80s level if indeed there is a sector-rotation continuing into biotech by the big money. MACD looks very positive.
What should concern any bear is the big volume this morning. Assuming XBI stays positive today, the volume bars for recent days and today will show that today the buyers confidently came back en masse and that the selling last Friday was just a bit of profit taking.
XBI having already touched this a.m. my short-term possible target of $67 that i identified in a post here last week, i think it has a very good chance to hit $70 or higher (see weekly chart) on the way to bouncing back from the several-month bear market slaughter in this sector that began in late Dec. 2015 (after a clear-cut weakening from July 2015 onward).
And if XBI hits $70, LABD will be in the $14s or lower.
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