SPDR S&P Biotech ETF (XBI) has thwarted the best efforts of short sellers in recent weeks, holding close to the 2012 high and setting up a breakout pattern, while the broad market grinds lower in an intermediate correction. This resiliency should intensify once the major indices turn higher, but why wait when you can own one of the top performing funds right now?
A harmonic convergence of good news has underpinned the instrument, with several components attracting intense buying interest. It started in April when Gilead Sciences (GILD) rallied 14% in reaction to positive data for its Hepatitis C drug. Vertex Pharmaceuticals (VRTX) followed up this week, adding over 20 points after equally positive news on its cystic fibrosis drug. Now add in Amylin Pharmaceuticals (AMLN), which has risen over 70% since March, and Human Genome Sciences (HGSI), which received an unsolicited buyout offer from GlaxoSmithKline (GSK) earlier this week....393 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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