Tough Crossing the Highest Bridge

It is not just the GILD gap down this morning which is pressuring biotechnology stocks at-large again. In addition, AMGN continues to break lower from a highlighted descending channel pattern, seen on the daily chart, below. BIIB still looks to be the strongest of the major biotechs hanging in there, for now. But clearly the momentum is coming out of the sector, what with yesterday's glaring underperformance to the massive rally in the Dow. Despite dip-buyers' repeated attempts to hop in and pounce on pullbacks in this space, the less success they have with each bounce the more likely they will eventually throw in the towel, leading to a real correction--With each subsequent push higher in the sector in recent years, it becomes more and more difficult to cross the highest bridge without a healthy reset first. BIS continues to be the ultra-short biotech sector ETF on my radar for trades.