IBB Holding Early Morning Lows

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

iShares NASDAQ Biotechnology Index (ETF) IBB shares were trading lower by $4 at $346.82 in Friday's session. Earlier in the session, it reached $342.01, which marks the lowest level for the ETF since it bottomed at $338.70 on May 7. In fact, the issue put in a trio of lows between $336.81 and $338.70 from May 5-8.

The index, which was up roughly 300 percent from its year-end close in 2011 ($104.35) when it peaked at $400.79 just last month, has been retreating along with the broad market.

The pace of the decline has accelerated over the last four sessions, with nearly half of its losses coming over that time period (Monday's close was $371.62).

After a lower open, it continued in that direction until it finally found a bottom at $342.01. From that depressed level, it rallied past the close ($350.82), reaching $353.74 before reversing course. It should be noted that as the broad market continues to pound out new lows for the day, the ETF is still maintaining its low for the day that it made off the open.