we have jonathan crimsky. bio techs tend to be technically driven often. how do charts on ibb look? >> high momentum trade. we see well defined long term uptrend channel really for the past couple of years. if you are a long term investor you ride this channel a bit steep for our liking. until it breaks that 2.40 level you are probably okay. if you look at the daily chart you see well defined uptrend. we had the pullback in march to may of this year. now it tried to break out this week and this really concerns us. tried to break out above the march highs and failed creating the false breakout. they say from false breakouts come fast movers in the opposite direction. we look for a pullback back to around 250. we would be sellers of ibb right here. >> fundamentally speaking looking at a little further term is there reason to be excited about bio tech stocks? >> fundamentally we are bullish on the sector. we have tremendous pricing power. we have companies that independent economy are growing 20% plus per year. no surprise the ibb is up about 20% year to date. i think you can expect th