“Neckline kiss of resistance taking place this morning? Bio Tech ETF XBI could be kissing the underside of neckline resistance and pushing lower. Is this a head and shoulders top? Jury is still out for sure. If so….be careful, as downside momentum often picks up speed here,” writes Chris Kimble of Kimble Charting Solutions.
There is one ETF benefiting from the biotech blues: The ProShares Ultrashort Nasdaq Biotechnology (NasdaqGM: BIS). BIS is attempts to deliver twice the daily inverse performance of the Nasdaq Biotechnology Index, IBB’s underlying index.
BIS is up more than 10% in the past week. Since the start of March, investors have put nearly $28 million into the ETF, an impressive sum considering BIS had less than $7.8 million in assets under management at the end of last year. [Invesrse Biotech ETF Suddenly Hot]
iShares Nasdaq Biotechnology ETF