DELAFIELD, Wis. (Stockpickr) -- The biotech sector is on fire -- and I mean a five-alarm fire!
Just take a look at the performance of the iShares Nasdaq Biotechnology Index (IBB), which is already up 20% so far in 2014. Over the last year, the IBB has risen an even more impressive 87%. As a trend-following trader, I look for a hot sector first, and then I drill down into that sector to find favorable chart setups. I have been doing this for quite some time with the red-hot biotech sector.
One of my recent biotech stock picks that's exploding higher today is Inovio Pharmaceuticals (INO), which I featured in Feb. 10's "5 Biotech Stocks to Trade in February" at $2.72 share. I mentioned in that piece that traders should keep an eye on shares of INO for a big breakout trade if it could manage to take out some near-term overhead resistance levels at $2.97 to $3 a share with high volume.
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