Ebb & Flow

Investors typically fret over the sustainability of rallies in bear markets, when upticks get used to take profits. So there was good reason to worry over whether the biotech markets would hold up last week, given that the group had traded up for four consecutive weeks. But the BioCentury 100 eked out a 0.2% gain, putting the index up 14.6% over the past five weeks and significantly outpacing other leading indices (see "Holding Up").

It wasn't exactly smooth sailing. The BioCentury 100 fell 4.6% on Tuesday in front of misplaced worries over last Wednesday's deadline for CEOs and CFOs to sign off on financial statements. Biotech rallied back along with the general market on Wednesday, regaining 4.3%. ...