Biotech Sector Perking Up in Active Trading 2:15 P Tuesday
Key tracking indices: NASDAQ 4107 up 0.83%, IBB 229.2 up 2.75%, XBI 128.40 up 3.9%, XLV $58 up 0.55%.
Rayno Biopharma Portfolio Movers Up: ABBV, ALKS, ALXN,BIIB, CBST, GILD, PCYC, SGEN etc
Rayno Dx and Tools Portfolio Movers Up: LMNX, HOLX, NSTG, SQNM: Down- ALR, EXAS, RGDX
Still a trader’s market but holding core positions. Cash at 30% in life science portfolios. April 15 bottom technicals holding.
————
April 15 Bottom Holding in Mixed Trading: IBB at $225, XBI at $124
Rayno Portfolio upside movers: ABAX, ABBV, ALKS, GILD, PCYC, SQNM
Major ETFs Get Hit Again: Steady Sell-Off of XBI ($124) Since Tuesday’s High
NASDAQ Down 1.8% as High Flying AMZN and NFLX get crushed
The institutions who created the 2014 bio-bubble are going to cash. Momentum is gone from the market as investors move from speculation to quality and value. The XBI ETF holds the most speculative biopharmaceutical stocks and it is in “free-fall” approaching its April 15 lows of $115. The next technical signal would be a double bottom.
We recommended a 30% cash position in life science portfolios as the early April sell-off commenced and new buys are to be avoided .