Sad…but now so true
Nasdaq: -5.32… S&P: -2.56…
Both XBI and IBB have struggled at resistance the last few days and both were down 1 and 2% today. Some individual stocks in the bio patch were down more though, as folks took some profits. A good example would be EDIT which dropped 13%. Always remember that money can leave a name as fast as it chases it.
ACIA stopped as fast as it triggered today. I didn’t see any news, but it acted horribly. Earnings are tomorrow, so maybe somebody knew something. I also stopped ALDR.
Metals and mining (XME) dropped almost 2% today and energy (XLE) was down 1.5%.
I think this is the kind of market that will see a series of little pullbacks within sectors, as opposed to an across the board drubbing, so you will see days like today.
The FOMO (fear of missing out) dynamic is still is alive and well and any dip that comes along will probably get bought, at least for now.
For tomorrow, let’s keep an eye on YRD. It’s breaking above some resistance and when this one gets going it can run. Possible targets of 28 and 30