BioCentury
ARTICLE | Finance

Ebb & Flow

July 18, 2005 7:00 AM UTC

Investors thinking about a long summer vacation might want to reconsider. General market conditions are as good as they've been in some time, including oil prices below $60 a barrel, a strong jobs report and a strong dollar. Moreover, biotech industry watchers are starting to see generalist and technical money coming into the sector.

On the technical side, Thompson Financial's Chad Rubin said that once the AMEX Biotech Index passed 570, "it's been off to the races." The index closed July 5 at 573.26, and is up 6.9% from that point, closing Friday at 612.96. Indeed, in late June, technical analyst Stan Weinstein of Global Trend Alert told BioCentury that he would be bullish on biotech as soon as the AMEX benchmark closed above 570 (see BioCentury, July 4). ...