Update -1 Choppy Market Continues..Faux Rally on Wednesday?
NASDAQ at 4561 Down 0.66%
1-Reiterate profit taking in Achillion (ACHN), Exact Sciences (EXAS) and Illumina (ILMN).
2-XBI treading water at 160 since August 26. Bull market intact.
3-Recent early August new buys ran up then fell back: CLDX, KPTI and PACB.
4-ACHN momentum is easing at $12+.
5-Core positions should be Rayno Large Cap picks plus FBT, up 22.78% YTD.
6-Cash position should be 15-20% in your Life Science Portfolio.
7-Ten Year Treasuries have moved to 2.61%; TBT up 2% today.
Some positive buzz on Medivation (MDVN) could take stock to $100+.
See comparison of prices from 5/2/14 post on Rayno Biopharmaceutical Portfolio.
Green Screen Day In Biotech-Healthcare and Technology Stocks Are Leaders
Life science stocks followed Apple’s lead today and ran higher in mid-morning trading. Virtually every biotech stock we track was up today but we need to break through late August highs to confirm an intermediate trend.The XBI was up 3.26 % today erasing the recent 5 day weakness and our favorite FBT was up 2% as were most of the large caps. September has been very choppy after a straight run-up in August so use caution in adding new positions.
The biggest winners among the Rayno Biopharmaceutical stocks were : Alkermes (ALKS) up 3.47%, Celldex Therapeutics (CLDX) up 3.45%, Pharmacyclics (PCYC) up 7.74% and Seattle Genetics (SGEN) up 4.64%.
Rayno Dx and Tools were not as strong but top winners include: Cepheid (CPHD) up 2.99%, Nanostring (NSTG) up 6.3%, and Pacific Biosciences (PACB) up 2.85%.
Macro events have yet to rattle the market except energy stocks which are way off summer highs following crude down to 2014 lows at $91.72. U.S, crude stockpiles fell less than expected on a recent report. U.S. crude production is expected to hit a 45 year high in 2015. Treasury yields are beginning to move up from recent lows to 2.54% (now 2.61% )with anticipation of FED rate hikes by 2015. The President speaks on the U.S. military strategy against ISIL tonite . Putin’s incursions into Ukraine remain a big concern as trade restrictions and sanctions mount.