NEW YORK (TheStreet) --Ritholtz Wealth Management CEO Josh Brown believes you can buy healthcare stocks today. He explained his thesis for doing so during Friday's "Fast Money Halftime Report" on CNBC.
"I would point out specifically the IBB, this is the biotech index ETF," Brown noted. "You have what is setting up to be a potential inside day at the end of a prolonged downtrend."
An inside day is what happens when a security trades within the high and low range of the previous day.
He explained that investors are getting a scenario in which the IBB's dip below 30 RSI has acted as a support level, "and you have a little bit of a turn where these stocks found support in late March and again in June," he added.
"It could be a triple bottom," he said.
However, the psychological importance if the ETF is having an inside day is that neither bulls or bears have the conviction to push it one way or the other.
That could be the opportunity, Brown noted.