ETF Sector Relative Strength Corner

Biotech (IBB) has continued to trend higher with strength as a sector after a recent TTM squeeze setup broke to highs. The highest weighted stock in the ETF is MRNA which happens to be clearing its monthly value area this week and today’s inside day pause presents a good setup to potentially play a move back up from a shallow pullback. MRNA is volatile and news driven but the trend is still clearly up as long as value builds higher and the 21 EMA remains supportive on dips it may grind its way higher to retest the former high. A recent buyer on 9/7 in the Nov 450 calls for over $1.8M. 

Trade to Consider: Long MRNA October 440/450 call spreads at 3.60 or better.