Europe debt woes, riots in Greece and a 3% CPI increase for a 12 month period spooked investors.
All sectors sold off today with major indices down:
NASDAQ off 1.77%,Dow off 1.5%,S&P off 1.7%. Energy, materials, technology and financials were weakest, and all down YTD. The QQQ was down 1.9% but biotechs were among the best performers. This is the seventh straight week of losses and worst since June 1 and if it continues would be the worse period since March’01.WTI Crude is off 4% to $95.
Healthcare was off 1.5% +. Large cap drugs and biotechs held up relatively well.
Within the Rayno Life Science Portfolio (down 0.62%) there were some surprising winners:
Regeneron(REGN $58.17) up 5.7% Positive FDA review on VEGF Trap-Eye.
Sequenom (SQNM $7.90) up 4.77% Heavy volume no discernible news.
Also in the green were Alexion (ALXN) and Nektar (NKTR).
We called RISK OFF more than 30 days ago and cash positions should be 15%.