With the QQQ you are still Bullish on Biotech
We mentioned yesterday that those wanting to be bullish large cap NASDAQ stocks but remain bullish on biotech would be better off with a QQQ position as pure play biotechs are due for a rest.
Today the QQQ is up 1.69% compared to biotech ETF’s (IBB,XBI)up about 1%. The Rayno Mid-Cap Biopharma index is also up 1%. The Q’s have many larger cap Life Science positions which are up significantly today: BIIB,ALXN,GILD,VRTX and CELG. There are several Life Science stocks underperforming the Q’s although still up: AMGN,LIFE,ILMN,and QGEN.
The Q’s outperform today due to the tech rally with BRCM,MSFT,ORCL, MRVL etc all following the good earnings news from IBM.