Trading Biotech Not Such an Easy Company

Regarding the biotech trade in recent weeks (even months), our mantra inside Market Chess Subscription Services has been to be precise, given the many sloppy charts in the space. 

And that certainly still seems applicable, even with a name like REGN acting rather well of late and distinguishing itself from other large cap bios in the IBB ETF.

As far as the small and mid-cap bios in the XBI ETF, I see BLUE is back in action today, shooting above $100. With this in mind, another standout performance and clean chart has been CORT.

On the Corcept daily chart, below, note how the smaller/mid-cap bio has been holding onto recent gains. I am looking at any further strength now as a potential long trigger. 

Overall, the biotech sector is not leading this market at all. And bulls should not hold out for the IBB and XBI to resume their prior leadership roles. However, there may be a few quality setups here and there we need to monitor, like CORT.