by Sam Collins | August 30, 2013 1:59 am
iShares Nasdaq Biotechnology (IBB) — This ETF tracks the investment results of the Nasdaq Biotechnology Index by investing at least 90% of its assets in securities of the index.
The biotechnology group has been a favorite of mine since the beginning of the year, and as recently as May 31, I said, “Although not quite as powerful as the financial group, the advance of the IBB has been steady.” Since then, IBB has continued making new highs while the financial group has lagged.
This year, IBB has provided a return of over 40%. And Thursday, continuing the emphasis on this group, the Trade of the Day was Gilead Sciences (GILD), the second largest position in the fund.
Technically, IBB is trading within a powerful bull channel with support at its 50-day moving average at $189. MACD flashed a new buy signal Thursday. Buy IBB for the continuation of the long-term uptrend in biotechnology stocks.
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