Biotech Stocks Holding Levels From Last Week’s Rally

Biotech stocks outperformed the market today and Nasdaq rallied late in the day to beat other indices. Earning season is approaching with Biogen, Inc. (BIIB) on Wednesday and other large caps next week. Look for large cap stocks to hold after reporting as most are down YTD. Rayno large cap leaders YTD are Gilead Sciences (GILD) and Regeneron (REGN). A few analysts have downgraded the healthcare sector for 2016 so watch technical levels of XLV. Odds favor a Q4 rally in biotech after the big August/ September correction.

Rayno mid-cap movers today were ALKS, CLVS and VRTX. The new cancer immunotherapy ETF (CNCR)  was up 0.82%.

Other mid-cap movers today were: INCY up 2.7%, KITE up 4% and XON up 2%.

IBB 315.94 up 0.55%, 4.15% YTD

XBI 66.56 up 0.77%, 7.1% YTD

XLV 70 up 0.36%, 2.38% YTD

We are attending the Bio Investor Forum next week in San Francisco.