“We got that Friday, along with the traditional bounce up to kiss the neckline goodbye. The good news for the bulls is that a bullish “Hammer” pattern formed at some support. We love the H&S pattern and respect it, so be careful here if your long Biotech,” said Captain John Charts.
ZBIO has a bullish equivalent in the form of the UltraPro NASDAQ Biotechnology (NasdaqGM: UBIO) and for those looking to be bearish on biotech with a little less leverage, there is the double-leveraged ProShares Ultrashort Nasdaq Biotechnology (NasdaqGM: BIS). BIS attempts to deliver two times the daily inverse performance of the Nasdaq Biotechnology Index.
iShares Nasdaq Biotechnology ETF
Chart Courtesy: Captain John Charts