Biotech stocks have thus far held up pretty well, while the market goes through tremendous volatility, sliding lower. Most sectors now are looking bearish. Financials fell off the cliff yesterday. Semiconductors are getting weaker (INTC reports after market today).
Let's take a look at the biotech index, BTK:
It is still holding a bullish chart. But, I'm watching leaders such as BIIB, CELG (still very strong), and GILD. If these start to turn lower, I think we will see selling on the overall market pick up speed and volume.
Good night and HappyTrading! ™