JAZZ Plays a Sour Note
During the past two days, the S&P 500 climbed by 0.7% and 1.38% and the Dow Jones Industrial Average gained a total of 270 points. The strong reversal left both indices well below their highs for the year but after a five-day selloff it was an impressive performance nonetheless.
That enthusiasm has done little to help the NYSE Arca Biotechnology Index ($BTK), which appears to be forming a large double top pattern after enjoying a 27.95% gain in Q1. If you're looking for a good scare on this Friday the 13th, you need look no further than the $BTK chart. Not only is the bearish pattern well defined, but the index has failed to regain its 50-day moving average (blue) after sliding beneath it on Tuesday (shaded yellow)...444 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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