Home » The Biotech Breakout (And Dealing With Competing Narratives)

The Biotech Breakout (And Dealing With Competing Narratives)

Hey, Ross here:

It’s the middle of the trading week, and here’s what I got for you today.

Chart of the Day

The iShares Biotechnology ETF (IBB) is an exchange traded fund representing the biotech sector.

The weekly chart above shows a textbook setup as the sector is about to emerge into a new Stage 2 uptrend.

Notice the following:

  • Three lower lows
  • Reclaiming all of its moving averages
  • The 200-day moving average turning up
  • Clear resistance level near the $138 mark.

I will consider buying this on a new 52-week high with a stop loss 8% below my entry point.

P.S. If you want special trade prospects and potential market moves sent directly to your phone – so you don’t miss out on anything – just text the word ross to 74121.

Insight of the Day

The market is now grappling with two competing narratives – disinflation vs. higher-for-longer rates.

Markets ended in the green yesterday, but it was a volatile session. Powell doubled down on his “disinflation has begun” remarks, which was positive for sentiment. 

But he also highlighted the strong labor market and noted the Fed may have to “do more and raise rates more than what is priced in.” This caused the major indexes to turn briefly negative.

We’ll likely see these competing narratives continue to play out. And whichever prevails will tell us whether this new bull market will ultimately be sustainable.

Yesterday provided more evidence that so far, the bulls are winning – meaning it’s a great time to take advantage of the situation using breakout strategies.

My most popular breakout strategy relies on spotting the telltale signs that institutional money is about to pour into a stock and send it surging. I created this system after years on Wall Street, and right now, it’s been pinging me with one fast-moving opportunity after another. Check it out here.

Embrace the surge,

Ross Givens

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Ross Givens
Ross Givens

I bought my first stock when I was 12 years old. It was Microsoft. I’ve been a registered financial advisor. I’ve worked as a stock broker. I ran a managed fund. I was a Vice President at JP Morgan with Series 7, Series 66 and Series 3 securities licenses. I’ve been featured on Fox Business, CNBC, Bloomberg, and a bunch of other networks. The only thing I enjoy more than making money, is helping YOU make money.

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