While Gilead is rallying after explosive earnings last night, Amgen and many other biotechnology stocks are slacking this morning.
The sector has enjoyed a spirited snapback rally over the past week, but still has lingering issues, which you can plainly see on the sector ETF daily chart, below. I am looking to see which side wins out at the battle of $230 today.
If bears do, BIS is back on my radar as an ultra-short ETF.
Otherwise, a few grinding days under resistance would probably help the bull case for building up charts.
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Speaking of Drugs —-
The Difference between Oo and oO:
Two young guys appear in court after being arrested for smoking dope. The judge says, “You seem like nice young men, and I’d like to give you a second chance instead of jail time. I want you to go out this weekend and try to convince other of the evils of drug use. I’ll see you back in court on Monday”.
On Monday the judge asks the first guy, “How did you do over the weekend?”
“well your Honor, I convinced 17 people to give up drugs forever.”
“Seventeen people? That’s wonderful. How did you do it?”
“I used a diagram, your Honor. I drew two circles like this: O and o. Then I told them that big circle is your brain before drugs and the small circle if your brain after drugs.”
“That’s admirable, says the judge. Then he turns to the second guy. “And how did you do?”
“Well your honor, I pursuaded 156 people to give up drugs forever.”
“Wow!” says the judge. “156 people! How did you mange to do that?”
“Well I used a similar diagram,” the guy says.
“I drew two circles like this: o and O.
Then I pointed to the little circle and said. “This is your asshole before prison ………..”