Biotech Breakout

Mid-Day Minute for Tue March 2nd 2010
by Mike Paulenoff, www.MPTrader.com

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Yesterday’s powerful upside breakout in the SPDR S&P Biotech ETF (NYSE: XBI) continues today as the biotech sector remains “bid” in expectation of more takeover action and pipeline news. Yesterday was OSI Pharmaceuticals (OSIP), today was Dendreon (DNDN), with many other names in the group acting well, such as CELG, CEPH, BIIB, HGSI. As for the technical work, the XBI has an optimal target in the vicinity of 63.00 in the upcoming days.

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions. Sign up for a Free 15-day trial to Mike's ETF & Stock Trading Diary.

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