Tradable Techs Bounce
The tradable tech funds bounced off
session lows Wednesday with some of the exchange-traded funds managing
gains for the day, but we are long way from breaking out of downtrends and trading
ranges.
The Biotech HOLDR
(
BBH |
Quote |
Chart |
News |
PowerRating) rose 2.8%,
managing the session’s biggest gain among the exchange-traded
funds.Â
Among the biotech basket’s components,
Biogen
(
BGEN |
Quote |
Chart |
News |
PowerRating) added 2 11/16 to 65 1/6, Human Genome Sciences
(
HGSI |
Quote |
Chart |
News |
PowerRating) 9
1/16 to 161 3/8, Immunex
(
IMNX |
Quote |
Chart |
News |
PowerRating) 4 to 47 5/8, Genzyme
(
GENZ |
Quote |
Chart |
News |
PowerRating) 4 to 63
9/16. For a technical take on Human Genome, check out my Trading
The News commentary.
The Broadband HOLDR
(
BHH |
Quote |
Chart |
News |
PowerRating) bounced
2.7% on strong volume. The Nasdaq 100 Tracking Stock
(
QQQ |
Quote |
Chart |
News |
PowerRating) rose 2.3%, the
Internet Architecture HOLDR
(
IAH |
Quote |
Chart |
News |
PowerRating) 2.0%, the Internet Infrastructure HOLDR
(
IIH |
Quote |
Chart |
News |
PowerRating)
1.8%.
Money flows continued to hedge on tech
by heading into pharmaceutical stocks. The Pharmaceutical HOLDR
(
PPH |
Quote |
Chart |
News |
PowerRating) gained
1.3%.
On the downside, the Energy SPDR
(
XLE |
Quote |
Chart |
News |
PowerRating)
fell 1.7%, the sharpest loss among the ETFs. Energy stocks have moved up
aggressively on surging energy futures. The B2B HOLDR
(
BHH |
Quote |
Chart |
News |
PowerRating) subtracted 1.2%.
