 | MARKET CONDITIONS |
Today's chart shows that it's still a big "stealth" bull market in biotechnology. Regular readers know we see biotechnology as one of the market's greatest "boom and bust" sectors. With its promise of individualized medicine, cancer cures, and miracle drugs, the biotech sector easily captures imaginations and huge speculative money flows. If you catch a good biotech boom, you can make extraordinary gains.
Like most assets, biotech stocks were hammered in the 2008-2009 credit crisis. But as you can see from today's chart, biotech is enjoying a big trend. You can track the biotech sector with the Nasdaq Biotechnology Index. It's sort of the "Dow Industrials of biotechnology." This index bottomed at around 650 in 2009. Since then, it has strung together a series of "higher highs and higher lows" to advance 200%. This month, it reached a new multiyear high. This uptrend isn't making big news yet... but it will.
Like most assets, biotech stocks were hammered in the 2008-2009 credit crisis. But as you can see from today's chart, biotech is enjoying a big trend. You can track the biotech sector with the Nasdaq Biotechnology Index. It's sort of the "Dow Industrials of biotechnology." This index bottomed at around 650 in 2009. Since then, it has strung together a series of "higher highs and higher lows" to advance 200%. This month, it reached a new multiyear high. This uptrend isn't making big news yet... but it will.
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