This was indeed a total control Biotech pop that was poised to pop and drop to take longs down with it. Traders were anxious to chase into the low volume but oh so strong pump not realizing that it was just a manipulated technical move up. Jon Hayes called this manipulation pattern a month ago and the reversal is currently playing out its role to dump. Jon Hayes as most traders who are familiar with his trading style knows that he's betting a long short against $LABU and $XBI for desired point targets ($LABU $55.90 $43.89) and ($XBI $71.90 $67.87) - While holding a long bottom position within $LABD for desired point targets $8.95, $9.90, $10.70+. The biotech sector is the most heavily shorted sector and once it snaps it momentum to dump off it will touch down into new lows causing investors to reverse positions, pull profits, and weigh in with put calls.