I personally will wait for another week to see how it cooked up today.

By Tom Lydon.

The biotechnology sector kicks off its version of a “Super Bowl” today. While it doesn’t involve cocktail weiners, gallons of beer or the wave, it’s a major event that could have an impact on biotech exchange traded funds.

Today kicks off the annual meeting of the American Society of Clinical Oncology (ASCO), which will run through June 8. This is the most important meeting for the biotech sector, attended not just by doctors and leaders in the biotech industry, but by biotech investors, as well.

Marc Lichtenfeld for Investment U reports that this is the place where companies with cancer drugs in development present key clinical trial data.

Historically, many biotech stocks run higher in anticipation of good news at the conference, and this year has been no exception.

Lichtenfeld believes that this decade will be the decade of biotech. Companies are researching drugs to treat a variety of diseases and conditions, including cancer, diabetes, hepatitis and multiple sclerosis.

For investors, biotech is a risky sector. One drug approval or denial can make or break a company’s fortunes. This is why biotech ETFs are a less risky way to play the sector, giving you exposure to a variety of companies and minimizing the negative impact of an FDA denial.

SPDR S&P Bioetch (XBI)

iShares Nasdaq Biotechnology (IBB)

First Trust Amex Biotechnology Fund (FBT)