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The Biotech group managed to rally 18% off its February lows, but it’s worth pointing out that over the last couple of weeks, it has begun to roll over again. Below is a chart of the iShares Nasdaq Biotech ETF (IBB) over the last five years. After surging for multiple years from late 2011 through mid-2015, the group has been a serial underperformer and is down 33% since peaking last July.
Unlike the Energy sector, which has managed to break above the top of its downtrend channel, Biotech remains stuck in a nasty downtrend.