Ebb & Flow

Although the recent biotech rally has lost some steam over the past two weeks, the BioCentury 100 has performed remarkably well over the last seven weeks of the summer. The other equity indexes also have traded up over that period, making it difficult to gauge whether biotech is being loved for itself, but the industry has always done better when it's moving in tune with the rest of the markets.

The BioCentury 100 index slipped 6.3% last week, which turned out to be a soft week for equities, but it remains up 7% over last seven weeks, bested only by the 8% gain by the AMEX Pharma Index. ...