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Long thought to be down and out, the Nasdaq Biotech ETF (AMEX: IBB) seems to have changed course.
Chart Courtesy of StockCharts.com
Biotech has been the no respect sector for a long time. Ever since the genomics craze fizzled the sector has been full of one hit wonders and lots of disappointment.
Thus, the nice bounce registered on April 1st, caught our attention. To be sure, there is probably not a whole lot that's new in the way of drug development or immunological testing.
After all, with Medicare funding cuts hitting the drug sector, it's hard for drug companies and related areas of the business to get too excited about the future.
Yet, there is always activity in biotech, as start ups and established names can whip up a frenzy at any moment when new things develop.
Or maybe, these stocks have been so abandoned for so long that they look cheap to big money guys looking to put their cash hordes to work after a pretty aggressive, albeit fairly short bear market leg.
What's really important is that a good momentum sector, biotech, seems to be getting some play all of a sudden. And that means that it's worth tuning into the action there.
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