Social Media and Biotech at their 50 DMA’s

By | July 18, 2014

I mentioned on Tuesday that the Global X Social Media Index Fund (SOCL) and the Biotech iShares (IBB) did not like the mention they received in the Chair Yellen testimony that day, but that both funds were approaching areas of minor support. A snap back rally did not seem likely and despite today’s strong moves off their 50 day moving averages, I still think a period of consolidation around current levels is required and would be healthy for the longer term future of the sectors.

47. SOCL IBB charts

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