ACOR is moving my way today. A very nice weekly pattern on ACOR. ADLR looks good too, but I’m not in that one.

Just checking some other biotech names. We saw GILD make that break to new highs this week. I noticed BIIB had big call volume activity and now these biotech names are acting well.

Monthly pennant formation on the Biotech index. Same pattern naturally shows on the monthly BBH. Biotech might finally be coming around to have a major move after what really has been disappointing performance compared to all the drug expectations. I don’t know what the reason is (ASCO, drug trials finishing, new discoveries, etc.), but the index and stocks are reflecting very bullish behavior and its one sector that has been unloved by big money for quite some time. Its also a sector where a recession does not affect it. People spend whatever it takes for their health.

This one actually looks alot better.

If you like this post, check these out too

• May 28, 2008 -- Back In CPST and Loving The Late Rally
• July 9, 2008 -- Biotech Breakout
• July 1, 2008 -- I Love Making Money, How Bout You?
• June 3, 2008 -- Sold Index Longs This Morning

Thanks for reading

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