XBI Oversold

The $SPDR S&P Biotech ETF (XBI.US)$ is testing some support levels in an area we haven't seen in quite some time. It's oversold in the daily and weekly. Nearly there on the monthly as well. The bio market as a whole is just extremely undervalued. Yet, the big pharma is flush with cash and looking to acquire assets. With small bio prices suppressed, what a perfect time for big pharma to speculate.