NASDAQ stocks rallied today just off March 2011 QQQ bottoms led by large cap biotech stocks.The NASDAQ 100 is up 0.6% led by Biogen Idec(BIIB) up 4.26%, Celgene (CELG) up 3.27%, and Gilead (GILD) up 1.5%.The rally would be stronger were it not for weak tech stocks such as AAPL down 1.6% and RIMM down 5.3%.TEVA was also down 1.35%.
Mid cap biopharma stocks are up 1.2% led by Ariad (ARIA), Cubist (CBST) and Viropharma (VPHM). Diagnostics and tools stocks were up about 0.5% The chart looks good and there is fundamental value in Seracare (SRLS $3.33).
High flyer mystery diagnostic stock Accelr8(AXK) took a 19.8% hit on no particular news. The 52 week range is $0.67-$7.80 with a current market cap of $42M and Q1 Revenues of $240k. More on AXK later.