The most drekish stocks of society are trading like the white hot biotechs did back in the glory days of summer.. Garbagio two dollar energy stocks are running 50-60%. Near bankrupt entities that suck black gold from the earths core are ripping higher. Its a short squeeze and the market isn’t the economy so enjoy it while it lasts.
What about biotech ($IBB)? Are the halcyon days over? Are they now just 3D stocks? No way, but they need some help from the leaders. Those leaders are $GILD, $CELG, $AMGN, $REGN and $BIIB. All are trading horribly here and cant seem to get out of their own way.
Those are five top holdings in the $IBB.
$CELG still meanders sheepishly under its 50 day SMA.
$GILD Sloppy mess for now.
$BIIB Trying to base , but needs to get over moving average resistance.
$AMGN Sloppy and stuck.
$REGN trades along the 21 day.
A couple of things have put a ceiling on biotech. The news cycle has been slow for the group lately and growth names have been kicked to the curb in the recent selloff. This will change again at some point, but the number one “risk on” group is taking a much need rest for now.
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