Biotech Mergers Propel Index Into Major Double Top

The iShares NASDAQ Biotechnology Index (ETF) (NASDAQ:IBB) is surging again today after another bio buyout. Roche Holding Ltd. (VTX:ROG) bought out InterMune Inc (NASDAQ:ITMN) for $8.3 billion. This biotech index double top is going to be a sick shorting level and has almost arrived. The level on the chart is $275.00 and is about 1% away now. Look for this level to be hit later this week. I will most likely be initiating a short at this level.

Gareth Soloway
InTheMoneyStocks.com