Indexes were generally up most of the session Friday but sold off late to close with minor losses; the S&P 500 fell 0.19% and the NASDAQ 0.10%. Economic news continues to mostly fall short of expectations but the weather excuse is enough for the market right now:
Sales of existing homes fell last month to their lowest in more than a year, with the National Association of Realtors reporting sales in January fell 5.1 percent versus expectations for a 3.5 percent drop.
The indexes continue on in their bullish movement…
Biotechnology continues to be the superstar sector – here is the sector ETF (IBB)…
… but there were moves all over the sector – here are a sample of names, keep in mind there are many names in this group but all the names beow are multi billion market caps so it’s not the small fry. Some of these had specific news like Isis Pharma as you can see by the volume spike, but it was a day of biotech on Wall Street.
Outside that sector we saw Under Armour (UA) jump again. This is a very bullish pattern where a stock spikes on earnings, consolidates for a few weeks, and then begins a new leg up.
We’ll see you back here Monday.