follow url Rayno Life Science Portfolios Up 3.4%
Two big up days this week were driven primarily by high expectations by Central Bank coordination to cut the cost of emergency dollar funding and news from the People’s Bank of China to cut the reserve ratio.US economic data was also positive with private sector job gains and the Chicago PMI accelerating to a seven month high at 62.6% from 58.4% in October. The pattern we have seeen over the past three months continues, where all equities move in tandem and life science stocks closely track the NASDAQ. With one hour of trading to go markets were up 3.3%, although off highs, and biotech stocks are tracking these moves.
Within the Rayno Life Science Portfolio laggards are playing catch-up as our recent re-iterated picks Dendreon(DNDN $8.63) up 5.8% and Optimer (OPTR $11.54) up 7%. Our favorite diagnostic stocks were also big movers : source Abaxis($27,16) up 5%, GenProbe (GPRO $62.38) up 3.69%, Exact Sciences(EXAS $8.43) up 3.69% and Quidel (QDEL $18) up 5%. BIO ETF’s were up about 3%.
However, we still live in a dangerous world economically with massive debt in Europe and the US, but it appears that traders and money on the sidelines are willing to jump in on the slightest good news.