Biotech Shorts Pick Up Momentum

I don't think many expected the biotech run to ever end. I think it would be premature to call it over at this point, but as I ran scans over the weekend, I saw one telling sign of it. Now, often I'll see several biotech names show up on the momentum scans. I pretty much see at least one or two of the smaller, lesser-known names on a daily basis. Usually I'll see a big name at least once or twice a week. But what I have not seen on these momentum scanners has been ProShares UltraShort Nasdaq Biotechnology (BIS).

BIS -- Daily Source: StockCharts.com View Chart » View in New Window »

This weekend changed all that. In fact, BIS, based on the Friday charts, looks as if it is headed at least to the $18-to-$19 area. Of course, the fund has already cruised higher so far on Monday. We've seen volume come in aggressively, putting this name into the trading foray. Back in January, there wasn't enough volume to even consider it, but now we've got the volume, the money flow and the momentum....290 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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