Dow: -107.04…
Nasdaq: +1.07… S&P: -2.03…
The health care sector assumed a leadership position in today’s market, underpinned by the outperformance of the drug and biotech stocks. Those issues rallied on the other side of a meeting President Trump had with industry executives.
While the president pressed his case for lowering drug prices, the markets were heartened by his added belief that regulations should be reduced and that the drug approval process should be sped up. Those declarations lent some relief to investors, who appeared heartened by the notion that the meeting with the president was better than feared.
As you can see above, biotech liked it and XBI popped 4.1% while IBB popped 2.8%. Many biotech stocks showed significant reversals today on excellent volume which will be nice of it lasts. A follow through day tomorrow would be a good thing.
If this is the start of a real move, then watch out above as there are short positions in place and the street may be looking for a new sector to get aggressive with.
PTLA triggered today and popped 1.71 or 6.7%. TMST also triggered today but not with as much gusto.
BLUE popped +5.90 or 8.6% today. P&L name SRPT had a technically significant day as it popped out of that falling wedge that we have been watching. It did so on good volume and it moved +2.09 or 7.2%
NDRM did not trigger today, but it came close and it should be watched tomorrow. ICPT rebounded and moved almost 4%.
CLVS ripped 3 bucks or 5% and it just never seems to go down. We now have a double in that name on the remaining balance that we hold. We only bought it in November. Pretty amazing stuff.
Have a great night.