Biotech Smashed Again: Media Talking About It Which Means Bounce Close
Three weeks ago when the iShares NASDAQ Biotechnology Index (NASDAQ:IBB) was trading at $275.00, I was on 820 AM News Talk Radio in Florida, talking about the one sector which was a true bubble in this market. That sector was the biotechnology sector. At that time, the financial media on CNBC continued to talk about it as a buy, telling viewers it was in an 'uptrend'. Today biotech index IBB hit a low today of $232.84. This is a massive collapse of $42 (15%).
Today, the only thing the media is talking about is the biotech collapse. These 'analysts' and 'commentators' are always late to the trade and ultimately lose people money. The fact that they are talking about it now means we are close to a bounce on the biotech index.