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.
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.