The Biotech ishare (IBB) recently tried to overtake it’s 200 moving average and was rejected. What you are looking at is a typical Lemmings set-up where it attempted to break out and failed. A few suggestions in this sector to play are BIIB, ALKS, MRK and QGEN. As long as this index remains below this key moving average, any rallies should be shorted into. Remember to double check earnings dates because this sector is not one to hold through those important dates.