Biotech Squishy -IBM Was Most Of The Dow Move

The Dow acted the best of the four major indices today, mainly because IBM, one of the Dow 30 components, popped about 9%, so this accounted for about 85 points of the Dow’s move.

Biotech (XBI) was off about a half percent, but there was some bad action in individual names that eclipsed that decline.  The chart above is still very bullish for now.  XBI lost its 21-day moving average today but it held some lateral support.

Stocks like BMRN -5.2%, AQXP -4.5%, ABUS -4.32%, ESPR -7.8% took a pounding.

Bottom line there were a lot of biotech stocks down 4-5%.

QURE, one of ours, got hammered 18%. They released some data at a conference today and the data read very well, so I am still trying to do some due dilly about the reaction. Its right around the stop and I’m still long, but tomorrow depending on the action, we may have to bail. The volume was big which I don’t like. Its a shame too, because it popped 20% right after we bought it.  Some of you that are fleet of foot may have taken the trade.  The market can be an evil mistress sometimes.  I will keep you posted.

We stopped out at profits today on ESPR +$2.85 and ONCE +$11.40.  I also took another 1/3 off BLUE +$29.15.

ABUS is also right around the stop, so we need to watch that one tomorrow too.

Previous Post
New Highs Except For The Russell 2000
Next Post
Resilient Is An Understatement

Recent Articles