Markets concluded near the UNCH mark Thursday. The Nasdaq which eked out a very small gain today is up 1% for the week going into Friday, after last weeks 1% advance. The Dow which we do not concern ourselves to much with fell the most on Goldman’s miss this morning. It fell 2% and peer C fell 4%, exactly the opposite action earlier in the week delivered by JPM and BAC. Both GS C do remain above 50 day support however. More retail names took it on the chin with BBY DECK falling sharply. Biotechs continued there ascent higher, although the group has been acting confusingly. Thursday GILD broke out from a 76.21 flat base or ascending triangle formation. Volume was solid. On the other hand CELG has fell hard twice this year on 1/3 falling 4% and 1/13 it recorded a bearish outside day falling 3%. Both times were comforted by 50 day SMA support however. BIIB fell 5% on 1/13 a day after taking out a 298.92 flat base pivot point. The round 300 handle proved problematic. Overall you have to give credit to the group. The XBI had a monster week last week gaining 18% in the best weekly volume in years. It is up another 1% this week thus far, pretty impressive given last weeks lofty gains. Does the ETF have the cure for bears who have been suffering from shortiscitis?

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