So we’ve sold off for two days and I think the selling is done for now. The Russell 2000 ($IWM) is down 3.83% over the two days, which is a fairly large move. All of the indexes hit daily demand yesterday so I took the opportunity to get long in a number of names, namely
While we are in an uptrend, I am buying dips and I consider this a dip.
We have had a big run, so I am a little cautious and keeping a close watch on my positions, but a trend is a trend until the end.
Looking at the weekend charts, there are two sectors that initially stand out to me, biotech ($IBB) and healthcare ($XLV).
Focusing on biotech for now, the $IBB ETF had a lovely day of Friday breaking out from a multi-day base.
I’ll be keeping my eye on a number of biotech names this week looking for entries. The charts I like most are
I already have long positions in $BIIB, $NPSP & $SGEN.