Power Plays New Idea: XBI
July 10, 2024

By Scott Redler

Before we get to our new idea, let's take off half the Baidu (BIDU) which screamed higher since we added it yesterday. It's a risky name so it makes sense to lock in this move.

Now, our new name:

Name: SPDR S&P Biotech ETF

Ticker: XBI

Price: $94.73

Needs to Hold: $86 to $91

Price Objective 1: $100 to $105

Price Objective 2: N/A

The biotech sector looks ready to get back in play, so I'm making XBI our newest Power Play.

As long as it holds the $86 to $91 area, it has high potential for a breakout, especially if the semiconductors cool off near-term.

XBI could also be a prime beneficiary of cool CPI/PPI reports over the next 2 days, though that's not a necessity for a rally to occur.


Scott Redler Positions Disclosure as of 2024-07-10 at 10.36.50 AM