It looks like everything is selling out. No upside correction, just selling. It takes several weeks already. I feel that entering new short trades is more risky now. The only setup I was able to find is breakdown of trendline in Telecoms ETF - TTH (Telecom HOLDR).

And is something worth buying right now ? Yes it is. I closed yesterday nice long trade in GENZ. And actively monitoring some other biotechnology stocks like GILD, MATK, MYGN and MGLN.

This biotechnology sector is really strong sector right now. Look at XBI (S$P Biotechnology ETF) or IBB (Nasdaq Bio ETF), both look bullish to me.

This entry was posted on Friday, January 18th, 2008 at 3:15 pm and is filed under ETF trade setup, Stock chart analysis, Stock pick, Swing trade commentary. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.