The biotechnology ETFs bullish today. In fact, bullish for four years.
There is a strong uptrend on the biotechnology ETFs today. The most liquid iShares Nasdaq Biotechnology ETF (IBB) is 3.5% above S&P 500, considering beta values (12:08 UTC-4):
In fact, these ETFs have been outperforming S&P for over 4 years, already by 136.5%:
On the average, they have grown by astonishing 347% since August 2011:
Is it a huge bubble? Honestly, if the biotechnology sector is overpriced, it is not more overpriced that the whole U.S. stock market. 3 days ago the S&P 1500 Biotechnology Industry traded at forward P/E ratio of 18.2 (2015) and 15.2 (2016), whereas the broad S&P 1500 index traded at forward P/E ratio of 18.4 (2015) and 15.9 (2016).