The melt-up resumes. Everyone talks about the really big correction but all we get is a measly 2-3% hit then onward and upward. Metals and materials were ~2% winners today and the NAZ was up 0.75%. Titanium (TIE) was up 7.9 % . What’s with that? Although healthcare was up only 0.4% there was plenty of bullish action in speculative small and mid-cap biotech stocks. Even large cap Gilead (GILD) and Teva (TEVA) were up 3%+. Look at this puppy Adeona (AEN) up 18%! My index of 35 mid and small cap biotechs was up 1.67% with lotsa green and only eight losers. The Rayno Life Science Portfolio was up 1.4% hurt slightly by large cap Amgen(AMGN).The IBB is still off 2011 highs but one more day of this action and it is a multi-year high of 97+. But even with this frothy action it is still prudent to raise a little cash.

Chart foriShares Nasdaq Biotechnology (IBB)

%d bloggers like this: