Biotech stocks are at a critical juncture, strategist says

Biotech stocks have lagged recently, as the Nasdaq biotech ETF, the IBB, has declined for three-straight sessions and is down more than 10 percent from its October high.

On a technical level, the group's charts concern Miller Tabak equity strategist Matt Maley. Here's why:

• On Wednesday, the ETF broke below its 200-day moving average, which has proven solid support for the IBB for much of 2017. This is a red flag for the stocks into year-end and into 2018.

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