Would you PLEASE give me your best observations re WHAT was happening wrt to Biotechs LAST Dec 28th ?
Look at ^NDX, Biotech MARKET INDEX,
BIB, a Biotech ETF,
RYOIX, a Biotech Sector Fund
The Stock Charts and Historical Prices bring out the SALIENT POINT:
All THREE hit rock bottom PRECISELY on Dec 28th!
Since ^NDX (the Market Index) was in this group, the implication is: ALL OTHER Biotechs behaved the SAME WAY on Dec 28th!
What was “UNIQUE” about Dec 28th ?
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Nothing that I’m aware of — you might remember that December 28 was the last real active trading day of the year, and everyone was panicked about the lack of a fiscal cliff deal … and the broader market also bottomed out on December 28. Biotech stocks and medical stocks in general might have also been reacting a bit to chatter back and forth about Obamacare, but I think it was largely that pretty much all stocks hit their recent lows on that day.
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