10 year treasury is climbing in yield....Bios like that! People have moved out of stocks that are risky and into Bonds since February..this is a change in yield and they may be moving back into stocks including Bios!
Thats my guess...its accross the board and I only hold BioPharma and Im all GREEN w/ 1-2 exceptions...
I will say it again for those who do not read and only want to bash and talk to themselves:
AT LEAST Four reasons:
1. ASCO effect.
2. Jeffries presentation effect - excellent PowerPoint and presentation.
3. Group has turned - look at the IBB Chart and break-out a few days ago.
4. HUGE short position
burp. right to be cautious, we've been here before. IMHO, a close above 16 will signal a long term reversal. Not just a 16 print (which we haven't even gotten that yet). close above 50 ma should be easy but less conclusive