Monday Market Wrap 9/23/13

{+++} Biotech was weird today. The IBB couldn’t hold the top of the channel, but certain stocks were on fire. Research firm Leerinck Swann went off the reservation this morning with some upgrades. They moved their target on ALNY to 80  and raised their target on CLDX to 45. Both stocks exploded.

The bigger bio names like CELG, BIIB and GILD gave some back from exhaustion.

There are still stocks in motion, but the tape is heavy right now because of debt ceiling worries and other such silliness. The market is emotional and hates uncertainty, so we may see some more chop with a slight downward bias this week. I think when we get through this week, we chug higher again. In the meantime we may see some challenging action.

ACRX is the only stock that triggered today and I added MELI midday today, but it hasn’t triggered yet.




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