DRUGS AND HEALTHCARE ARE BREAKING OUT

John Murphy
by John Murphy,
Chief Technical Analyst, StockCharts.com

MEDICAL ETFS HIT SIX-MONTH HIGHS ... The Pharm Holders (PPH) are the day's top Exchange Traded Fund. Chart 1 shows the PPH breaking through its recent highs to reach the highest level in six months. Some of the day's top percentage gainers are Merck, Lilly, Schering Plough, Wyeth, and Bristol Myers Squibb. BMY is trading at a new 52-week high. Drugs are spearheading a similar breakout in the Health Care SPDR (XLV). Weakness in basic materials and semiconductors is weighing on the broader market which isn't showing much upside follow-through from yesterday's bounce. I'll take more in-depth look at where money is moving a little later in the day. Right now, most of it is moving into drug stocks and healthcare.

Chart 1

Chart 2

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John Murphy
About The Author:

John is a renowned author in the investment field and former technical analyst for CNBC. Considered the father of intermarket technical analysis, his books include “Technical Analysis of the Financial Markets” and “Trading with Intermarket Analysis”. Learn More 

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