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Wild Friday – Biotech Shines
Having fun? It feels like every day this week the market is either going up 1 percent or down 1 percent. I have to tell you despite the downdraft in the market today on the Michael Flynn reports, the markets have held pretty steady, and Biotechs have been the one major surprise today. The Nasdaq Biotech ETF ($IBB) split 3-for-1, just to make you aware.
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It is kind of obvious from looking at the chart below when news broke on Michael Flynn, right.
Despite the sharp pullback, for the most part, the market has managed to regain most of its initial loses.
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Biotech is the real star today, with the IBB ETF performing quite well in a market that seems to be a little shaky around the uncertainty. Strengthen in one of the most aggressive sector of the market on a down day can’t be a bad thing. The sector sold off with the market downdraft, but it didn’t take long for the group to snap back either.
For the snap back rally in the Biotech’s to be taken seriously we are going to want to see the group rally into the close, and probably close above $106.
Amgen ($AMGN) has been one of the stocks helping to lift the group recently, and it continues to perform well today, again in a lousy market.
Acadia Pharmaceuticals ($ACAD) is another stock that is holding up today. The stock has managed to hold a long-term uptrend dating back to March of 2016. Shares could be on the upswing going into the end of the year.
In fact, shares of the stock got slammed with the market as well but managed to snap back.
Semiconductors have been smoked in recent days. Shares of Micron have fallen sharply. As noted yesterday shares of the stock were showing support around $42, and for the most, they are still in that support range. Remember $41, was the price where the secondary was priced just a few weeks ago.
Netflix is starting to become a concern, shares have fallen through support around $190, and have been unable to get back above it. It is easy to see that Netflix has made an attempt to break through, but has failed. A concern, yes. Becuase if it can be through $190, then shares could be set to fall to the lower end of the trading channel.
The technology ETF ($XLK) looks like it heading back to its trading channel which is probably the $61.50 to $62 region, a fall of maybe another 1.5 percent. Certainly not terrible.
That is it for now.
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Michael Kramer and the Clients of Mott Capital own shares of NFLX, MA, GOOGL
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Tags: #biotech #technology #semicondutors #sp500