The stock market ended the midweek session on an upbeat note after climbing throughout the day. The S&P gained 0.5% while the Russell 2000 (+0.7%) spent the day in the lead. Equity indices rallied out of the gate, all but ignoring news that China’s GDP growth (+7.0% year-over-year) has slowed to a six-year low.
The dollar popped on the weaker China report but ultimately gave up the gain which helped energy. Crude jumped 5.6% to $56.25 Understandably, the big spike in oil boosted the energy sector (+2.3%), placing the cyclical group in the lead. Thanks to the gain, the energy space is now up 6.8% since the end of March.
The big news today happened after the close though, as Netflix reported a great number. The stock popped $52 or 11%. Congrats if you are long.
Some of our portfolio names did very well today: BLUE printed more new all time highs and is now up about 45 points since our entry. JUNO also closed at new all time highs and is now up 20 points since our entry. SBIO also closed at all time closing highs. CYBR had a good day, tacked on 5% and looks ready to breakout further. BIIB added 7 points +1.75%. ANAC closed at more all time highs today too.
The biotech group, which was given up for dead just a month ago, is really making a comeback and I’m seeing big moves all around, so I will continue to focus there until things change.
It looks to me like IBB may actually go back and test the top of the channel again (red arrow). We’ll see.
