There is Never Just One Bluebird

The healthcare and biotech complex continues to fight off several major stocks seeing swoons (and halts) in recent sessions, ranging from BLUE to VRX RLYP. Beyond VRX, HZNP has also been getting hit.

But, consistent with how resilient bulls have been in the market at-large, buyers stepped right in at 2020 on the S&P 500 Index, a level Members have been observing for a while now as a good dividing line between whether or not to pounce on fresh shorts. 

Moreover, IBB and XBI have both recovered all of their losses today, reversing to green as I write this, rendering cash still a favorable position for swing traders. 

The IBB daily chart, below, is still churning overall below its $330 breakdown level. And I do not see a trade at the moment until the highlighted consolidation resolves. 

Having said that, it is likely too early to declare that the VRX types of moves are behind us--There is never just one cockroach...or Bluebird.