Morpheus Trading: In yesterday’s ETF analysis and commentary, we pointed out the relative weakness we’ve been seeing in iShares U.S. Home Construction ETF ($ITB). Today, we have an ETF trade setup on our radar screen that is exhibiting the opposite characteristic of relative strength to the broad market.
As shown on the daily chart below, notice that SPDR S&P Biotech ($XBI) has recently broken out to new highs for the year, well ahead of the benchmark S&P 500 SPDR ($SPY):
Prior to the rally to new highs ahead of the broad-based averages, observe that $XBI also set a “higher low” while the S&P 500 while the market was in pullback mode and setting a “lower low”. This is a clear example of how we are continually pointing out that stocks and ETFs with relative strength are the first to surge to new highs when the broad market eventually bounces.(...)Click here to continue reading the original ETFDailyNews.com article: Why We Are Bullish On The SPDR S&P Biotech ETF (XBI)You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)
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