Markets rebounded nicely Monday with the Nasdaq higher by 1.2% and the S&P 500 by 1.35%. The S&P 500 seems to be strengthening ever so slightly compared to the leading Nasdaq and today recaptured its 50 day SMA and went back into positive territory for the year. Any kind of bounce in oil, which was smacked down today, would help accelerate that new trend. Perhaps a bounce was due with the put/call ratio at elevated levels on Friday closing near 1.2%. Volume in todays jump was fragile and that will need to improve if this move is to have any legs. Mondays rally was boosted the most by some of the more defensive groups with 3 of the top 4 sectors being healthcare, utilities and consumer staples. The show however how broad the move was 8 of the 10 major sectors gained more than 1%. Healthcare had some nice individual winners on the back of the SLXP ongoing merger news. Other names like AMGN and REGN both rose 5%. REGN took out a 437.74 cup base pivot point in firm trade to hit all time highs. RGEN rose by 25% last week, BMRN has advanced 15% over the last 2 weeks. Perhaps the group is in need of a rest as you also have names in or very near bear markets, off 20% from their recent all time highs, like PCRX, WX and AKRX.
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