Bio Tech, as good as Info Tech?

The Nasdaq Biotech Index (NBI) appeared in the “oversold quinella” section in the October 29, 2023 edition of Macro Extremes.

Macro Extremes (week ending October 27, 2023)

Back then, the index was trading at 3,650.

This week, the NBI is appearing in the overbought category of my weekly ‘Macro Extremes’ publication.

While its current price of 4,874 equates to a 33% advance from last October’s low, my reading of the tape suggests the trend continues to strengthen.

Not too shabby when compared to the Nasdaq 100’s rise of 35% over the same time.

For now, I’ll look for a 5,438 target which is a further 12% beyond today’s price.

July 30, 2024

by Rob Zdravevski

rob@karriasset.com.au