The improved outlook for the health care industry comes as many expect continued growth in the sector, despite an ongoing so-called earnings recession in the S&P 500. While FactSet anticipates the broad S&P 500 to show an earnings decline of -9.1% for Q1 2016, the health care sector is expected to report revenue growth of 8.9%.

S&P Global Market Intelligence also mirrors this sentiment, projecting S&P 500 Q1 EPS to decline 7.5% year-over-year but anticipating 2.9% earnings growth for the health care sector.

IBB “has eased back a bit on lower volume, suggesting a pause, not downside reversal. This appears to be an opportunity to buy the dip as it makes a technical test of the breakout. A “test” is simply a second chance for late bulls to get in, and if they do we should see the stock surge higher again,” according to Barron’s.

iShares Nasdaq Biotechnology ETF