I was looking over some sector charts and ran across the biotech index which is looking stronger than any of the other sectors. Looked at the monthly chart and noticed how bad they have been beat down. Well now that looks like it could be coming to an end. Look at the charts below. I would advise to wait for a pullback to the 46 area, however a break above that resistance could take this higher quick. Look for volume to confirm. ENJOY!!!
Okay so how would I play it. Well their doesn't seem to be that much call buying in the options. I do see some call spreads being placed on the june strikes with someone selling the 50x. I rather own the stock though and sell covereds. Your choice, but i will be looking to buy June ATM calls sometime soon once buying volume comes in on them!!!
Daily
60 min
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