The market was stronger today, boosted by a rally in the biotech sector. The agricultural stocks also continued to show strength. In addition, steel stocks displayed solid performances.
The Dow was up +54.72 points; SPX added +6.06 points; and Nasdaq gained +29.58 points.
Here’s how the market looked at the close:
BTK (biotech) jumped +4.81%, while INX2 (internet) and SOX (semiconductors) made modest gains. HGX (housing) added +1.14%, but XLF (financials) was flat. MOO (agriculture) advanced +2.92%. FXI (Chinese ADRs) went up +3.37%.
SPX
SPX gained +6.06 points to close at 1360.55. It closed above its 10-day MA, which turned up again. Its daily upper BB also opened up more. The MACD was flat.
Nasdaq
Nasdaq added +29.58 points to close at 2351.7. It also closed above its 10-day MA, and the MACD was flat likewise.
The market had a better day today. It was encouraging to see the major indices closing above the 10-day MA. Renewed strength in the biotech sector gave the market a needed boost. Personally, I would still like to see the financials stronger and a little more stabilized.
This morning, Takeda Pharmaceuticals announced a $8.8 billion cash buyout offer for MLNM. MLNM shares flew up +48.87%. As mentioned before, the biotechs were very strong today. AMGN added +5.75%; OSIP went up almost +5% (I have a position in this); IMCL advanced +1.68%. After the market, PDLI announced plans to spin off some of their products as a seperate unit, while paying its shareholders a special $4.25 dividend. Its shares jumped in AH +15.12%. DNA announced earnings that beat the estimates. Its shares, however, traded flat after the report. XBI (S&P Biotech ETF) and IBB (Nasdaq Biotech ETF) added +4.45% and +3.34% respectively. MTL (mentioned yesterday) added another +6% today trading as high as $152, a new all-time high.
Good night and HappyTrading! ™
