source link Draghi Comments Trigger Sell-Off of 2% with Bottom Holding-Euro Down, Bonds Up
Mario Draghi sparked the current 2012 rally in July saying he would support the Euro no matter what. Today reality set in as a weak German economy and riots in Greece remind us that little has changed. The Euro hit a 2 month low(1.2761) and the dollar rallied. The Obama victory celebration was short lived as the market focused on the fiscal cliff and the self created gap in Congress. We will find out very soon whether Obama and Boehner will reach out for solutions in Q4. Bonds rallied as expected as the 10 yr. bond sale was well accepted at a 2.54 bid to cover and yields dropped to lowest level in a month of 1.64%.
go here Caution Remains in Biotech
Since our post of 10/22 we are still cautious on adding new positions in biotech and indeed the larger cap biopharmaceutical MO stocks which have been huge winners in 2012 continue to sell-off: enter Alexion (ALXN), Medivation (MDVN, Regeneron (REGN) and Pharmacyclics (PCYC). The IBB is at $130 off its lows of $129.
In the Rayno Life Science Portfolio I like the action of Illumina (ILMN) today up 1%.