CELG - BIS Alternative

Usually when a market is in a transitional stage, which I think it's pretty safe to say we are in...

Russell 2000 3-day chart.

Percentage of all NYSE Stocks Above their 200-Day Moving Average vs SPX (red)...

...however you want to look at it... I prefer more generic groups for my initial positions, I don't want to be right on the broad market, right on the Industry group and suddenly have some stock specific news push my position in the wrong direction. However, short selling, true short selling, not the inverse ETFs, does have some advantages when it comes to dry powder and margin over say an inverse (short) long position ETF. While I like to see the initial breaks and which groups acted in which manner, some of you may prefer more stock specific assets so I'm putting CELG out there as an alternative to IBB short or the leveraged Ultrashort, BIS. Biotechs are my least favorite to do this with, but CELG looks pretty good, in fact I think you can use the IBB updates as a proxy for CELG.

 Like IBB, I don't think CELG is quite there yet, this is the 1 min chart which is still in line. At this stage a 1 min chart really represents a timing timeframe so we want to see this negative.

However the 3 min chart has quite a bit of damage on it meaning I don't think it's long before price really sees damage on the downside.

The intermediate 15 min chart has obviously been trending toward a very negative outcome.

And the once "in line" or 3C price and trend confirmation  has turned solidly negative and leading on the 30 min chart.

Even the long term probabilities are similar to IBB on this leading negative 4 hour chart.

Just one you may want to keep on the radar, although I would not enter both unless they were treated as a single trade.