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Battered Biotechs Trigger First "Death Cross" In 4 Years
For the first time since Spetember 2011, the Nasdaq Biotech Index has triggered a "death cross" as its 50-day moving average crosses below its 200-day average...
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Bah! It'll be fine. You'll see.
But what about Obozcare? Drugs for everyone.
Today is setting up for a brutal reversal.
I figured the shit would hit the financial fan in October rather than September.
SPX at 1998. Easily took out that resistance level. Next is around 2020. The bottom looks to be in esp if 2020 is breached and it holds.
Indices just keep climbing. Time to cover shorts.
SPX isn't going anywhere if those shorts already capitulated. This market only goes up on two things, QE and short squeezes. With QE currently out of the picture, expect flat until the idiots go short.
95% biotech not earning money. Buy anyway because if things are not awesome, they always get awesome. It's a promise!
This has always been the case.
Nothing new here; move along.
Tyler you know more than that. It seems to me that all the previous death crosses were not sell signals but buying opportunities. Specially when the price has a big offset from the death cross moment.
Yes, it seems algos arbitraged away any easy profit from old-school TA signals about a decade ago, so whether these crosses 'work' or not really depends on the degree of current trend/momentum vs. mean reversion in markets. Getting a handle on those aspects will produce more success than blind MA cross trades.
Death Cross is an extreme-laggard indicator. It is as good as useless. I wonder why "smart" people continue to mention it every now and then.
Biotechnology is the use of biological processes, organisms, or systems to manufacture financial products intended to improve the payout to Wall Street insiders.
All biological processes have a life cycle...presently we are in a "death cross"..
(withdrawn)