Biotech Breakdown: Market Selloff Over? Biotech Hitting New Highs (3/13/15)

Market Analysis

  • S&P fell to the 2065 level we expected, then broke it. A push to 2070 probably means yesterday's rally has legs, while a break of 2040 most likely means a test of 1990
  • S&P, DOW and NYSE all have monthly momentum divergences, but March is only half way over
  • Transports/Industrials possible forming Dow Theory sell signal

Biotech

  • IBB continues to outperform, hit new high today
  • BMRN traded off 115
  • AGEN breaks triangle pattern, should be moving higher overall
  • CLVS stalling at 80
  • ESPR hits new high
  • RCPT pushes to 150
  • Other stocks: NLNK, RGLS, SGMO, ISIS
Posted to The Biotech Trader on Mar 13, 2015 — 11:03 AM
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