Fat part of biotech trade is seen

While specific U.S. biotech’s are held in client portfolios, the broader sector has seen the ‘fat part’ of the trade.

An extreme low in the S&P Biotech ETF (XBI) was mentioned in the April 6, 2025 edition of my Macro Extremes weekly note.

and an overbought extreme was highlighted in yesterdays edition.

For now, ~37% over 6 months will do.

I’ll leave the next 10% for someone else.

October 6, 2025

rob@karriasset.com.au