Breakdowns And Breakouts
Rotation out of
drug and biotech stocks Thursday took down those industries’
exchange-traded funds as money switched into tech stocks.
Some of the tradable tech funds broke through ranges.
The Pharmaceutical
HOLDR
(
PPH |
Quote |
Chart |
News |
PowerRating) fell 4.1%, its second markdown on heavy
volume. Among the stocks that contributed to the loss were
Eli Lilly
(
LLY |
Quote |
Chart |
News |
PowerRating), down 4 to 95 3/4; Merck
(
MRK |
Quote |
Chart |
News |
PowerRating), 3
57/64 to 69 1/2; and and Schering-Plough
(
SGP |
Quote |
Chart |
News |
PowerRating), 3 15/16
to 44 1/2. The latter two stocks suffered clear technical
breakdowns.
src=”https://tradingmarkets.com/media/images/fundmovers/flow004.gif”
width=”470″ height=”320″>
src=”https://tradingmarkets.com/media/images/fundmovers/flow005.gif”
width=”470″ height=”320″>
src=”https://tradingmarkets.com/media/images/fundmovers/flow008.gif”
width=”470″ height=”320″>
The Biotech HOLDR
(
BBH |
Quote |
Chart |
News |
PowerRating) slumped 6.1%, its biggest one-day decline since
the basket of biotech stocks advanced off its May 24 low.
src=”https://tradingmarkets.com/media/images/fundmovers/flow001.gif”
width=”470″ height=”320″>
In another sign of
rotation out of defensives, the Consumer Staples SPDR
(
XLP |
Quote |
Chart |
News |
PowerRating)
lost 1.5%.
src=”https://tradingmarkets.com/media/images/fundmovers/flow006.gif”
width=”470″ height=”320″>
On the upside, the
Internet Infrastructure HOLDR
(
IIH |
Quote |
Chart |
News |
PowerRating) leaped 7.6%,
breaking through resistance. The Broadband HOLDR
(
BDH |
Quote |
Chart |
News |
PowerRating)
followed through the prior session breakout with a 4.2%
advance on huge volume. The B2B HOLDR
(
BHH |
Quote |
Chart |
News |
PowerRating) climbed
9.8%.
src=”https://tradingmarkets.com/media/images/fundmovers/flow009.gif”
width=”470″ height=”320″>
src=”https://tradingmarkets.com/media/images/fundmovers/flow010.gif”
width=”470″ height=”320″>
The Internet HOLDR
(
HHH |
Quote |
Chart |
News |
PowerRating) followed through on the prior session’s gain,
rising 2.4%, but backed off resistance at its 50-day moving
average. The Nasdaq 100 Tracking Stock
(
QQQ |
Quote |
Chart |
News |
PowerRating) gained 2.2%
but met resistance at 100 a share.
src=”https://tradingmarkets.com/media/images/fundmovers/flow002.gif”
width=”470″ height=”320″>
src=”https://tradingmarkets.com/media/images/fundmovers/flow003.gif”
width=”470″ height=”320″>