Biotechs Rally Unphased by Macro Concerns
The market loved the jobs report after the nasty commodity meltdown yesterday but other news intervened and buyers left for the weekend. The Dow was up as much as 175 pts and is now trying to hold 12637 up 55 pts. The S&P is barely holding the flat line up 5.41 pts at 1340. The QQQ’s were up 0.5% helped by tech and biotech. News that Greece may drop out of the EuroZone has spooked the Euro down to $1.43 especially after Trichet went soft on the interest rate tough talk. Crude is down $2.00 at $97.65 with the falling Euro. All these macro crosscurrents make the market too tough to call especially with the weak economic data before today.
Biotechnology and healthcare stocks are having a good day with the mid cap sector up over 1% after being up much more earlier in the day. Speculative MO stocks were strong with many up 2% or more with good volume: Alkermes(ALKS), Exelixis (EXEL), ImmunoGen (IMGN),Savient (SVNT) ; life Science ETF’s beat the overall market FBT up 1.5%, IBB up 1.1% and XBI up 1.4%.
The Rayno Life Science Portfolio is up 1.2% with big winners back in action Regeneron up 6%, Seattle Genetics (SGEN) up 4% and Targacept up 5.6%. Sequenom (SQNM) is up 16% on Down Syndrome Test progress!!
More detail to follow tomorrow.