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All Time Highs For Market Vector Biotech ETF

Published 05/15/2012, 12:55 AM
Updated 07/09/2023, 06:31 AM

Shares of the ETF Market Vector Biotech (AMEX: BBH) have recovered from three  months of sideways trading and have broken out to new highs. And this is during  a market correction.
 
BBH had a 3 for 1 split back in February.
 
BBH is well above its March 3, 2000 rally closing high of $40.46 (pre-split  it was $121.38). The bear market in 2000-2002 decimated all stock sectors and  especially Biotech. Most sectors remain well below those 2000 highs, but BBH has  now far exceeded them.
BBH CHART

BBH broke above its three months of sideways trading in the first week of  April and while most sectors have stayed in correction mode, BBH has been moving  steadily higher.
 
For those who see new highs as bullish, and we are on that list, BBH is a  strong buy.

A stop at $44.50, just below the May 4 low, creates a tight stop and a low  risk trade.

There is also very strong support at $42.00 a share.

Disclosure: We hold a position  in BBH.  
Frank Kollar has been timing the financial markets since 1982, with online  service since 1996. He is a dedicated trend timer and his strategies exited the  markets before the crash in 1987 as well as the bear market in 2000 through  2002. During the 2000-2002 bear market and the 2008-2009 bear market his bearish  positions resulted in substantial gains, all achieved by trading trends.

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