IBB Looking Good to Trend Following Traders

I wanted to short VXX this morning, and I did place an order to do so, but my broker rejected the trade since there was no inventory available.   I've shorted this ETF for months at a time in the past, but today, no such luck.

Moving on to plan B, I decided to go long something completely different, the exchange traded fund, IBB, which follows biotech companies:

Biotech companies have been popping up on my scans for a while now, and are clearly a strong sector. The chart above, to me, shows this ETF breaking out to new highs after a healthy looking consolidation period.

This impressive strength has not gone unnoticed by long time blogger and acquaintance Olivier Tischendorf who has also been charting this ETF.