Flattish Day, Biotech Sees a Little Profit Taking

Dow: +41.31…
Nasdaq: -45.23… S&P: -1.59…

The Dow and S&P were fairly flat today but the Russell and Nazzy dropped about three-quarters percent.  Financials (XLF) led and metals and mining (XME) came in at a close second.

I took some partial profits today in SGMO +19.0%, DRNA +16.1%, HAYN +3.8% and FGEN +10.1%ESPR stopped today on the balance +5.2%.  ESPR came down hard (about 11%) on no real news, at least that I could see. Earlier in the day, Citibank downgraded the stock to neutral, but the move seemed excessive based on that.  It held the 21-day moving average, so I may revisit in the days ahead.

In the spirit of mixing it up a little (not biotech), I’m watching this one.

FBM has built a big base since back in May. If you look at the chart it almost looks like a massive cup and handle pattern.  The green circle represents the handle or flag.  I will let you know if I do anything.

Have a great night.


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