The iShares Nasdaq Biotechnology (IBB) has broken out of a multi-month channel and Ari Wald, Technical Analyst at Oppenheimer, suggests buying into its $357 to $368 support range. See chart.
Moreover, Wald says Biotechnology typically performs well in Q3. Since 1990, Wald shows that Biotechnology has had an average relative gain of +9.9% versus the S&P 500 for the period between July and September, the highest of any Healthcare industry (which has similarly been the best performing sector for the same period). See table.