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Biotechnology out of gas\?

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Yesterday I was worried that the Biotechnology Index (BTK.X) didn't have enough gas left in the tank to push higher. This morning prices sold off, but found support at the 50-period moving average. Prices have rallied slightly, but they have yet to break through yesterdays high.

Biotechnology Index Chart - 60-minute interval

Two stocks we were watching in this group were Amgen (NASD:AMGN) and IDEC Pharmaceuticals (IDPH). Amgen got a boost this morning, but is consolidating at the 50% retracement bracket. The moderate strength in AMGN and BTK hasn't been enough to push IDPH past the past three days high of 41.75. Until that happens I'm just watching.

Amgen and IDEC Pharmaceutical Charts

Jeff Canavan
Assistant Analyst

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