ETF Outlook for Wednesday, July 2, 2014
iShares NASDAQ Biotech Index ETF (NASDAQ: IBB)
The March-April sell-off that wiped out large gains in the biotech sector is now in the rear view mirror and IBB is back to the best level since March. The ETF is up over 22 percent since mid-April when the entire sector capitulated as sellers drove down prices to levels not seen in months.
The selling coincided with selling in the high tech high-flyers and ended up sending a large portion of investors out of the sector. Unfortunately the same investor is trying to get back in to IBB and others after it has already rallied 22 percent. The way the chart is shaping up it would not be out of question to have IBB back at a new all-time ...
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