Running Alpha sees Big Turnaround is very near for Biotech IBB

Running Alpha Capital Markets Macro-Strategist notes that $IBB is thrusting into local lows on lighter volume, and given the strong relative strength of this sector, and given the extent of the recent pullback, we are virtually at or very near levels in both time and price to consider allocating into into this sector. Any time near or after August 13th opens up a new cycle, where any bullish action off these lows; and especially on a breakout above $378, would ignite new life in the NASDAQ Biotech ETF ( IBB ).