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As we have been saying the past few days, our focus is now on finding ETFs that are breaking down, then looking for short selling entry points on a substantial bounce into resistance. In yesterday’s ETF analysis, we pointed out PowerShares QQQ Trust ($QQQ), which tracks the Nasdaq 100 Index, as one such ETF we are stalking for potential short entry on a bounce. Additionally, we are targeting specific industry sector ETFs that are breaking down as well. One such ETF on our radar screen for potential short entry in the coming days is iShares Nasdaq Biotechnology ($IBB).

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