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Raging Bull podcast: Bishop is watching the IBB

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With biotechnology having been hammered in the market over the last few weeks, Jeff Bishop of TopStockPicks.com thinks it’s about time for a reversal play and he’s looking at using options on the iShares Biotechnology ETF (IBB) as well as the Direxion Daily S&P Biotech Bull 3X (LABU) to capture the run he is expecting. He expects IBB to make a bounce in the next few weeks or to make a low;  he is planning to place stops at $310, while he thinks the upside is up to the 200-hourly moving averaged, which would be roughly $330, leaving $15 of potential upside to $5 of downside risk. Bishop is not in the trade yet, but he expects IBB to jump off the radar if it continues to build a base around the $311 level.


Jeff Bishop is lead trader at TopStockPicks.com, running short-term trading strategies primarily using ETFs and stock options. At the time this conversation was taped on Oct. 31, he had no shares, options or open orders on either IBB or LABU, though he was looking at buying IBB options and shares of LABU as discussed in this interview. The Raging Bull podcast features experts from the site talking with Raging Bull editor Chuck Jaffe on his show, “Money Life with Chuck Jaffe.” You can learn more about Chuck’s daily hour of market and personal-finance chat at MoneyLifeShow.com; you can subscribe to the Raging Bull podcast via iTunes and other podcast providers.

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