BIOTECH: MacroDoζer Summer Special 3/5
Prescribe Me Anything, Doc! We Got to Show Those Lazy Summer Bears How to Burn Theta and Pretend to Be Smart.
Executive Summary
XBI Biotech looks like a promising market, yet still confined by substantial lower and upper boundaries.
In the meantime, we sell our classic risk-defined straddle.
Biotech might soon be a long LEAPS candidate; we will let the bulls decide.
1. Why Do I Care Right Now?
XBI Biotech was already waiting in my drawers to be banged out as our first long LEAPS position. The biotech market looks promising from a technical perspective. We have a proper bottom formation with higher lows and higher highs, and the green 40-day just crossed the orange 50-day moving average.
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