Hold That Low

Big whoop, we lost about 25 handles last week from open to close on the $SPX.  Hardly a disaster, but at points it did look  bit iffy. When the dust settled, all the indices with the exception of the Russell 2000 had taken back their 50 day moving averages. Yawn. The week tested the mettle of some stocks, but the greatest “risk on” sector, biotech, NEVER even broke its 20 day moving average.  Leaders in the group like $CELG, $AMGN and $GILD still sport incredibly bullish patterns. A stock that I own and love , $AGIO exploded higher. Money still wants this group. Below are some biotechs that will be presenting at the Leerink Swan rare disease conference on Tuesday: $IBB

 CYH, WLP, HSIC, MGLN, IMS, RNA, UHS, QSII, MCK, UTHR, BMRN, ISIS, SRPT, PTCT, GWPH, HPTX, EPZM, RARE, ALNY, DYAX, RPTP, AEGR, INSM, NPSP, AGIO
Keep in the mind that the next couple of weeks have some seasonality issues against us, but we have also heard this before and we make new highs, so just be careful out there.  Important that last weeks $SPX low around 1965 holds.
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