Biotech bounces

 

Thus far, the stock market’s impressive recovery has all but ignored the biotech sector, but that appears to be changing this morning, as the SPDR S&P Biotech ETF (XBI) is up nearly 2.5% while the rest of the market is just treading water. Even the market’s whipping boy, Valeant Pharmaceuticals (VRX) is up slightly this morning. Oil looks strong, if not quite as strong as it did on Friday, but stocks don’t seem to mind the slight pullback. At 10:00 AM, the February existing home sales number will be released, which could drive stock prices in either direction.

West Texas Intermediate crude is trading at $39.59. At present, the S&P 500 is up 0.07%, the DJIA is down 0.01%, and the NASDAQ is up 0.24%.

Here are your Monday morning market metrics. Industries doing well today include REITs, textiles, and containers & packaging. Industries showing weakness include healthcare technology, electric utilities, and multi-utilities. The VIX is up 2% to 14.31 after closing on Friday at 14.02. The most heavily traded options this morning are for Petrobras (PBR), with 7K May 4.5 puts changing hands. The total put/call ratio as of 9:00 AM was 0.97 (216,399/209,903). NYSE Adv/Dec 1,583/1,247. Nasdaq Adv/Dec 1,425/1,010.

Symbols: PBR VRX XBI
Julian Close

Julian Close

Julian Close became a stockbroker in 1995. In his 20 years of market experience, he has seen all market conditions and written about every aspect of investing. Julian has also written extensively on corporate best practices and even written reports for the United Nations. He graduated from Davidson College in 1993 and received a Master of Arts in Teaching from Mary Baldwin College in 2011. You can see closing trades for all Julian's long and short positions and track his long term performance via twitter: @JulianClose_MIC.

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