Tomorrow we have St Louis Federal Reserve Bank President James Bullard’s speech on the economy and monetary policy in Frankfurt, Germany, Jobless Claims, Atlanta Federal Reserve Bank President President Dennis Lockhart to discuss monetary policy and economic outlook in Detroit, PMI Services Flash, EIA Natural Gas Report, Kansas City Fed Manufacturing Index, 7 Yr-Note Auction, Money Supply and the Fed Balance Sheet.
Can you say BioTech Bubble? I Have not seen the term used this much since 1999-2000.
BioTech makes up 13% of the NASDAQ but accounts for 27% of the index’s gain over the past year.
Biotech shares are up +27.4% in the past 6 months.
Biotech shares are up +17% this year, and the highs are coinciding with the Nasdaq Composites return to its 2000 highs – little spookiness evolved.
European markets were very weak today also.
Gold is up.
It was one sell program after another after the MiM started showing $400mil for sale…it was all sell programs.
The Stock market is trying to balance a lot of variables right now.
High: 2089.00 Early
Low: 2053.80 Late
Last: 2053.80 Down 31 Handles
Volume: Decent…1.7 mil ESM, and 8k SPM traded in the pit.
MOC: MiM shows sell $737mil ACTUAL was MOC Sell 1.7bil.
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