The tape tells the tale, just like it always does: The tech sector is clearly in consolidation mode right now.
Don’t get me wrong - I still like the price action I’m seeing there in the sector as tracked by, for instance, XLK, the Technology Select Sector SPDR ETF. But this means the market is now (or shortly will be) looking for a new leader.
My research has isolated a really promising candidate for that new leadership role: biotech.
There's no shortage of fantastic setups in this sector, and I've already starting picking a few standouts.
Let's take a look...