The indexes all went on to make new highs last week with the exception of the Russell which is right on the cusp of new highs.
Is the week we give some back? The technicals are modestly overbought, but I have seen much more extreme conditions, so maybe the bulls keep this thing in overdrive.
Biotech was down for the week. IBB was a little bit worse for wear than XBI on Friday as CELG got hammered down 11.0 % CELG is the second largest holding in IBB. XBI has much less exposure.
Many biotechs have pulled back over the last couple of weeks, but others have acted very well, so it's mixed. I still contend that this sector will get chased into year end.
I'll be out with some new ideas either tomorrow or Tuesday.