Changing Weather Patterns

While shorting biotechnology stocks has been a tricky, tough, even dangerous endeavor for a while now, the weakness in AMGN today is a sign of a change in character. On the daily chart, below, note AMGN breaking below the highlighted descending channel pattern. True, BIIB GILD, even CELG have been resilient. But the sector has been churning of late after a steep multi-year bull run, which is why I remain on watch for another entry into BIS, the ultra-short biotech sector ETF. Elsewhere, the market is grinding lower this afternoon after the spirited rally this morning. I day-traded a UVXY long earlier on Stocktwits for a win. And am now back to waiting to see how we unfold into the final two hours of trading before taking new positions.