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Juno Therapeutics (JUNO) Stock Could Lead the Way to a Biotech Bounce

NEW YORK (TheStreet) -- The SPDR S&P Biotech ETF (XBI) has survived a tough three months, dropping to $60 recently after it had traded at $90 in July. The On-Balance-Volume (OBV) line suggests that people piled into biotechs this spring, late in the advance and right before the decline to $60.

In this chart of XBI, above, notice the sharp rise in the OBV line in May, June and July. As prices peaked and declined, the OBV moved lower, telling us that volume was heavier--read selling--on days when...