by Greg Guenthner
Daily Reckoning
Biotech is the new safety trade!
Huh?
I know that sounds ridiculous. But it’s true. Utilities are supposed to be the stodgy yet steady winners when the market gets a loopy. But that hasn’t been the case this week.
Biotech’s on the fast track right now. And today we’re jumping on the biotech train for some quick double-digit gains. You’ll see how in a second…
While the major averages were taking long walks off short piers Thursday, investors gobbled up biotech stocks. The Biotech iShares finished the day with a gain of nearly 3%. Meanwhile, the “safe” Utilities Select Sector SPDR crashed more than 2%, knifing through support.