Sell-Off Resumes as European Debt Crisis Gets Headlines

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NASDAQ down 0.9% % and S&P down 0.7 % as Bear Returns but Off Session Lows Earlier in Trading

The three day stock market rally is on hold for now as the global debt crisis hits home again. Gold is poised to close at all time high of $1785 up 1.56%. Healthcare overall was not hit as hard down 0.21% as large cap drugs and biotechnology showed  resilience. Mid Cap biopharma was hard hit down over 2% as investors sought safety in larger caps such as AMGN, GILD  as well as major drug stocks.An article in Barron’s mentioned an analyst’s bullish call on Gilead (GILD). Robyn Karnauskas of Deutsche Bank raised her price target to $53 from $45 based on potential sales of the QUAD pill for HIV.

In the diagnostics and tools sector there was considerable weakness with only Exact Sciences (EXAS $7.69) up 2.8% continuing its roll from yesterday.Qiagen (QGEN $15.42) was down over 2% despite announcing a companion diagnostic deal with Pfizer (PFE) for KRAS  gene mutation test for non small cell lung cancer (NSCLC). Since financial terms were not disclosed it is difficult to assess the business model although it is clear companion Dx in cancer is a long term trend.

Luminex (LMNX $22.48) was also up 1.6% on light volume bucking the trend.

The Rayno Life Science Portfolio is down 0.7% as we approach the close in 15 min.

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