Tuesday Market Wrap -REGN & Biotech Lead

{+++} For the day the SPX/DOW were +0.90%, and the NDX/NAZ were +1.80%. Bonds lost 14 ticks, Crude rose 60 cents, Gold dropped $10, and the USD was higher.  Tomorrow: the NY FED and PPI at 8:30, then the FED’s Beige book at 2pm. Also there is Senate testimony from FED director Gibson at 2pm.

What a difference a day make huh? Yesterday we were sold hard and today it was all about stocks up and risk back on. The biotech sector staged an AMAZING comeback as the IBB popped almost nine bucks or +3.5% and actually went on and made even more new highs.

REGN, our P&L entry from yesterday, reported some good news this morning and the stock ripped 31 points or 12%. Nice work if you can get it. Below is the chart. I’ve been talking about a possible breakout of that descending channel for a few days, not only did it hit the top of the channel today but it exploded through it like  hot knife through butter.


The October highs at the 320 area are just above, so lets see if it can get up there and tag it soon.

Here were some big dollar risers today.

Here were some dollar losers today.

On the P&L. new addition BABY triggered and AZPN is pennies away from triggering so keep your eye on that one tomorrow.


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