March 18-Stealth Rally With A Tempered Tape In Biotech
NASDAQ up 0.92%
Biotech stocks lagged the surprising FED rally today maybe because money was moving to other sectors.This bears close watching because only this week biotech stocks hit a new high.Money may be moving to lagging sectors like energy up 2.92% today. Nonetheless healthcare remained strong with the XLV up 1.39% and hit a new high today.
- The Euro was up 2.64% to the $1.09 level as traders that were short bailed together. Traders may not be expecting a quick rate hike. Currencies and a strong dollar are the major focus of the market.
- The XBI hit a new high at $233.65 but sold off on good volume at the end of the day.FBT down 0.19%.
- More speculative mid-caps in “immuno-oncology’ were choppy with a sell-off in AGIO,BLUE, CLVS, JUNO etc.
- Large caps were strong with Euro weakness: ALXN, AMGN,REGN,RHBBY
- Mid-caps were flat to weak.
- Dx and Tools were mainly green.
Biotech and Healthcare Stocks Hit New Highs
The market roared back today with healthcare and biotech the strongest sectors.The Healthcare Select SPDR ETF (XLV) was up 2.21% to $73.40. This is a 52 week high. The Euro rallied 1% to 1.057 and that helped large cap companies with revenues outside the US. The XBI SPDR Biotech ETF (XBI) also hit a new high at $232. XLV should be added to portfolios underweighted in healthcare.
Amgen (AMGN) and Regeneron (REGN) soared on the potential of their PCSK9 inhibitor for cardiovascular disease.
Rayno Movers: Biopharmaceuticals
ABBV up 1.93%, AMGN up 5.69%, BIIB up 1.93%,CLVS up 4.87%, FBT up 2.35%, GILD up 1.7%, REGN up 5.2%, SGEN up 2.1%.
Rayno Movers : Diagnostics and Tools
CPHD up 3.15%, ILMN up 4.5%, QGEN up 2,54%, SQNM up 3.34%, TMO up 4.36%.