Yesterday’s powerful upside breakout in the SPDR S&P Biotech ETF (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 a 26-year veteran of the financial markets and author of MPTrader.com.