Crude Lift Off: Dow Pushes 250; Biotechs Hammered

Crude is forklifting higher right now, with Brent higher by 3%–so biotechs get hammered? I know there is little relation between biotech stocks and oil. But with the market up nearly 250 and the SPY higher by 1.2%, this has to be a supreme disappointment to all of the doctors who fancy themselves to be astute investors, as the medicine man stocks get hammered for 2%.

This is the ultimate risk on asset, so seeing them lower is a bit of a Debbie Downer.

Downside pin action can be found in NBIX, ANAC, JUNO, RARE, ICPT, AGIO, PRTA, MDVN, INCY and many others.

For the year, biotech stocks have been one of the worst performers, down more than 22%. Over the past six months, the sector is down 41%.