biotech correction

Biotech hammered


The Nasdaq slide now clearly follows through with the correction anticipated by many.

We are in bear territory and the extend of the correction is difficult to predict as Fed tapering, Chinese trade numbers and European deflation worries should provide further downward momentum to rebalance the disconnect between earnings and actual growth and stock market rallies in the recent past.



As for OBJ, a break through 4 cents in on the cards in the next days which should let OBJ find a new bottom from where to trade.
These corrections can be quick and painful and create an entirely new trading range.

The lack of buying strength has been a worry for OBJ since some time now and the 2 sell offs, first leading to a fall from mid 5's to 4.7 cents, followed not long after by the high volume sell off to 4.1 cents are indicating a trend.