IBB

It wouldn’t surprise me if we see LABU breach $33 first before a corrective pull-back is to take place. This is tricky.. Right now, the Market is not letting up AND we have momentum on our side in Biotech.. meaning we will very likely see more follow through next week. My advice, for those of you still waiting on the sidelines, would be to initiate a %50 position just to get you in the trade and then pull the trigger on the other half once we have a proper pull-back. We will have a pull back but there’s just no telling when with momentum on our side.

I will say this.. I’m not convinced that LABU would follow the Market down into a DCL, so if that’s what you’re hoping for then you could be out of luck This week’s record volume is very telling  which means instead of trying to time your entry and avoid a draw-down, focus on the bigger picture. We are currently starting Wave 4, which you can clearly see on a Weekly chart, and it should eventually tag resistance at roughly $58 ($290 for IBB) if all goes according to plan…

Currently Long LABU @$7 call June ..my 2 hour chart and daily chart is still very bullish.

Good luck to all