Ebb & Flow

Knock on wood, but a biotech floor may have appeared. The week before last, the BioCentury 100 Index held its ground, falling only 1% in the face of a broader market hosing. That week saw the NASDAQ plunge 5% and the Dow Jones drop 4%. Indeed, the BioCentury 100 had edged up 0.4% the prior Friday when the NASDAQ and Dow both fell about 2%.

While biotech was mostly insulated from the recent downside, the group participated in last Thursday's rally, when the Dow Jones moved up 2.1% on strong blue chip earnings. The BioCentury 100 added 1.9% last Thursday and the NASDAQ added 2.5%. On the week, biotech finished up 1%, as did the NASDAQ and Dow. ...