Top market technician says the biotech breakout is just getting started

📆 01/07/2019 23:31:00
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Despite health care's 2019 woes, one top technician says there are clear signs that a big breakout in one piece of the health-care trade is finally coming to life.

is up 13% — almost double the broader health-care space. Cornerstone Macro's Carter Worth says the biotech breakout isn't over yet.

"The 150-day moving average is actually inflecting upward for the first time in about two-plus years," he said. That's an appealing setup to my eye, and I think it's a good place to be long in an otherwise languishing area of the market."

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Have your stupid biotech wave while you can before we get some more humans in office to legalize studying cannabis and other unstudied drugs.

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