<<would biotechs be considered as a health related "defensive" issues or are they not beaten down enuf yet..?>>
sammaster, hard question to answer (at some point, it's all semantics anyway). Is AMGN a biotech now or a big pharma? It has characteristics of both, and probably trades more like a pharma now anyway. MEDI and IMNX are more toward the biotech end, but certainly more "defensive" than, say, PDLI, CRA, HGSI, AFFX, GENE, GLGC etc. I've traded IMNX from the long side several times, basically as swing trades (but it hasn't come in enough for me to try it here, IMO.
IMO, the distinction between "biotechs and pharma's" is a spurious one. They should be valued on their discounted future cash flow only. Since most genomics companies have precious little cash flow for the forseeable future, I still think they have lots of room to come in yet, here, and would look at them as being highly speculative rather than defensive.
Oh yeah, and IDPH looks like a good short here:
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