The BIB(ProShares Ultra Nasdaq Biotechnology Index) is finishing out the week on a high note. The index is less than $1.00 away from posting its best weekly close since mid October. The current set up is quite bullish. We consider the BIB a low risk buy near current levels. A close back $55.00 would violate the April low sending a clear warning sign that the 200 day moving average is still weighing heavy.
At time of publication we are long BIB in some managed accounts.