The Biotech Sector is on fire as the new week begins. The IBB(iShares Nasdaq Biotechnology Index) is posting its best gain of ’21 on extremely heavy volume. This powerful move is driving the index past the March/April highs on what is already heaviest upside trade since November 4, 2020.
Details: Despite trading at new three month highs the IBB is far from overbought(daily MACD=neutral). Plenty of room to run.
The IBB has been trading inside a 5 day range(March 1st-March 5th). This narrow sideways action is giving way with an upside breakout.
Top 5 XBI holdings: AMGN(Amgen), GILD(Gilead Sciences), MRNA(Moderna), ILMN(Illumina), VRTX(Vertex Pharmaceuticals)
Investment Objective: The iShares Nasdaq Biotechnology ETF seeks to track the investment results of an index composed of biotechnology and pharmaceutical equities listed on the NASDAQ.
Long GILD/ILMN in some managed accounts