Initial reactions from tonight will be debatable of course, while I am focused more on a couple other issues, like the interim (and tardy) interim Stimulus Bill, and quite specifically optimism that may tend to be suppressed intentionally by Washington as regards how fast we get antibody treatments (because it can't come quick enough to satisfy need, given how much commitment has been made to manufacture vaccines that are not entirely reliable, not without side effects, and remain controversial).

It may be that even the early 150 million Abbott (ABT) tests will need to be replaced by the far-better saliva tests, or at least those that can determine status in asymptomatic not just symptomatic people (makes a big difference for travelers who generally haven't a clue if they're asymptomatic, thus the much-heralded test wouldn't be useful).  

Yes it's got a role, but now you're hearing pundits and analysts sometimes say just avoid the sector, and stick with an ETF. Eh. Not really my approach, which was to pick a 'sprinkling' of plays (biased toward Sorrento because of the multiple solutions they contend and seem to be progressing with) for speculators, and recently a more optimistic approach to Sorrento (SRNE) because of their behavior (like a pharma not biotech due to the pattern of licensing and partnering, which is what the big guys do). Now I fully realize they have limits, but with the right solutions, maybe they really don't?  

Executive summary:  

• The pattern hasn't changed, it progresses and ideally will digest the Debate and 'try' to advance further.

• At the same time there's no doubt risk remains, but it has never been as great as super-bears proclaimed, due to the 'structure' of this market.

• That is the focus on super-caps dominating, while the broad list languished, and that's still sort of the case, but the list actually has acted constructively.

• Big companies with deep pockets actually (in a sense unfortunately for our beloved small businesses) are positioned for better recovery.

• I believe our politicians have not moved more aggressively to save smaller Mom & Pop businesses, especially boutique hotels, stores and restaurants.

• Yes we may get a toned-down bill this week, but so many already failed.

• What is not failing is 'antibody-based therapeutic drugs', as Regeneron's (REGN) is being evaluated now (promising).

• This actually helps rather than hinders prospects for embrace of what Sorrento is initiating in hospital trials.

• Meanwhile we'll see if taxes, trade, treatments and tribulations dominate (the debate) tonight.

In-sum: the antitrust prospects by DOJ and FTC are a market-related issue, since at this point (with zero commissions and lower order-flow fees abounding), exchanges are trying to milk revenue where they can, and that includes HFT data giving just split seconds advantage to those who 'pay'. I never thought that very ethical, and when we see a 'real-time' trade (or the Level 2 and so on) we'd like to believe everyone gets it on an equal playing field. Of course that slight 'edge' doesn't always help traders, but it is at the heart of high frequency trading, which I presume none of us are doing.

Bottom-line: the pattern evolves.