Can the Reversal Hold?
IBB Rockets up 2.75% to 285.49 after hitting 52 week low today at 268.52.
XBI up 4.22% to $55.09.
Notable movers:
Large caps: ABBV, ALXN, AMGN, REGN; BIIB down 0.19%,GILD lagging up only 0.72%.
Mid-caps all green: ALKS,CLVS,SGEN,VRTX.
All Rayno Small caps recover: CRIS,GERN,GLYC etc.
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Green Screen Across the Board in Biotech—IBB up 1.30% at 2:45p EST
Extreme Volatility with 16 point swing in IBB -Caution on trades
XBI up 2.75% to 54.36
Biotech stocks reversed course about noon after the worse start in many years. The bear market rally has to be watched closely as this could be a lot of short covering playing a big role. Leading the large caps up are : ABBV up 2.78%, AMGN up 0.7%, CELG up 2.98%, and REGN up 1.72%; among mid-caps SGEN is up 4.5%.
Small caps and well known immuno-oncology stocks are taking off: AGIO, BLUE, KITE, MDVN,ONCE etc.
Recap after the close looking for trends and technicals. For 2016 we will look at earnings of large caps and technicals compared to smaller caps which outperformed in 2015. Now can we get a follow-through rally from this bottom?
