Biotech Breakout

Mar 02

by Mike Paulenoff, Tue March 2nd, 2010

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Yesterday’s powerful upside breakout in the SPDR S&P Biotech ETF (NYSE: XBI) continues today as the biotech sector remains “bid” in expectation of more takeover action and pipeline news. Yesterday was OSI Pharmaceuticals (OSIP), today was Dendreon (DNDN), with many other names in the group acting well, such as CELG, CEPH, BIIB, HGSI. As for the technical work, the XBI has an optimal target in the vicinity of 63.00 in the upcoming days.

Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!

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