Couldn't agree more , the sell off has been broad based but I'm hoping biotech is nearing a bottom for the reasons I posted earlier and now as a member of the All Odds if it does turn IHL will hopefully turn quickly also.
On the other hand as I said earlier, we've seen peak battery metals IMO, in particular Lithium for sometime. As a collective I've never witnessed a more over valued sector. The problem is people start buying "cheap by comparison" market caps because they must be cheap but when the air comes out of it the cheaper market caps don't go up and the larger caps just keep retracing. Imagine if a viable alternative to the Lithium ion battery comes along, well I'd hate to think.
In just over a couple of weeks LRS - 22.75 gets you 11.5 LKE $2.65 gets you $1.67 PNN $0.98 gets you $0.68 LPM, listed with a major bang, hit $1.08 last week now $0.74. NVX, solid battery exposure hit $12.47 now $4.67 (was as high as $7.40 in the past month).
These are big hits in a very compressed time frame and I think the sector has scary downside form here. Biotechs in general have already been put through the shredder.
As I posted earlier, the broadest S & P biotech ETF has been in decline since early 2021 and is now pretty much bouncing along the bottom. Markets are tough but I'm hopeful we're nearing a bottom.
Ted
IHL Price at posting:
33.5¢ Sentiment: Buy Disclosure: Held
