Well, it's official. From its intra-day high of $400.79 in July, the iShares Nasdaq Biotechnology ETF (NASDAQ: IBB) has tumbled more than 13 percent, putting the largest biotech ETF firmly into correction territory.
As has been noted several times in this space in recent weeks, biotech retrenchment has created winners among some newly minted inverse, leveraged ETFs. The Direxion Daily S&P Biotech Bear 3X Shares (NYSE: LABD) has been a show-stopper on that front, but for traders looking to directly participate in more downside for IBB, the triple-leveraged call to make is the ProShares UltraPro Short Nasdaq Biotechnology ETF (NASDAQ: ZBIO).
“Stating the obvious, biotechs are now officially in a correction phase. Valuations have dropped 14% since July 20 on high volume,” according to Seeking Alpha. “Long investors should ...
/www.benzinga.com/general/biotech/15/08/5783992/the-other-bearish-biotech-etf-is-looking-groovy-too alt=The Other Bearish Biotech ETF Is Looking Groovy, Too>Full story available on Benzinga.com
More...