Biotech’s run is full

The circles in the attached study coincide when the S&P Biotech ETF (XBI US) were mentioned in my weekly Macro Extremes publication.

Back in April 2025 it was identifying a buying extreme.

Now, the signal says “Sell”.

The fat part of this trade equates to at least a 44% return.

November 23, 2025

rob@karriasset.com.au