Biotech's finding support?

Strangely enough, while the US equity markets have been in a little turmoil, traders are seeing a bottom form on Biotech shares. The interesting thing is that Biotech has been getting hammered so, why stop now?

We are monitoring the 1.272 Fibonacci level on XBI for signs of a turnaround.

We wrote about XBI, Intel, and Micron in today's market snapshot!