Market Overview

SmarTrend's Candlestick Scanner Detects Bearish Engulfing Pattern for SPDR S&P Biotech ETF (XBI)

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SmarTrend's candlestick pattern scanner has detected a bearish engulfing pattern for shares of SPDR S&P Biotech ETF (AMEX: XBI) since the stock closed below $59.86.

Yesterday, this company traded 268,326 shares, versus the previous day's total volume of 110,620. Heavy volume increases the reliability of this bearish candlestick pattern.

SmarTrend issued an Uptrend alert on shares of SPDR S&P Biotech ETF on November 06, 2009 at $49.48 per share (20.4% return since that call). This bearish candle pattern may point to a reversal of the previously called Uptrend.

Write to Chip Brian at cbrian@tradethetrend.com

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