Friday, March 27, 2015
My own perspective on biotech
Here's a chart of IBB:
Why was it news this week?
I see 3 previous times in the past 6 months where biotech dropped to its SMA(50), and once in October (during the Ebola epidemic) where it dropped below.
So why the fuck does anyone care what IBB did this week?
Is it because it was insanely overbought last Friday and people thought it would go up even faster than it has done over the past few years?
The biotech chart is a non-story and anyone who talked about it this week as if it was news is a fucking clown who you can ignore from now on.
Wake me when it pukes to the SMA(200). That's about 15-20% below today's price. Til then shut up about biotech.