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Today's IBD reflected some of the profit taking yesterday. Biotechs only gain 0.1%, but their ranking continued to improve, up to 129 out of 197. There improvement is due in part to the status of Biotechs a year ago. This year the Boom started a few weeks earlier, so today's numbers are being compared to depressed levels of 1 year ago (the Boom really started Dec 20 last year). However, selected Biotechs still did well yesterday. There were 5 Biotechs (MYCO, BCHXF, AFFX, AIM, LGND) in the 80 best movers on the NASDAQ Greatest % Increase in Volume table. However, there were also a couple (CPRO & GENIZ) of Biotechs declining on heavy volume (to make the table, the stock price must be $12 or higher and the price change must be at least 3/8). I expect the good news to continue and more technicians to take note of the favorable charts. |
