During last year’s insane election, Trump made big claims about really taking drug companies to task, reigning in the crazy expenses of medicine, and in general giving the overpaid makers of drugs the kind of smack-em-up they all deserve. Well, right on the heels of his rousing success building a border wall (and having the Mexicans pay for it), completely overhauling the tax system, and sending Hillary to jail, he has, on top of all those successes and promises kept, beat the stuffing out of the drug companies, including the entire IBB………
Oh, err, wait, I guess that isn’t the case. In fact, biotechs have been doing just great, thank you very much, having broken above resistance recently. You can see this expressed in an upside-down fashion by way of the ultrashort instrument BIS, which plunged to lifetime lows recently. I suspect that it won’t get past that red line before plunging anew, meaning that happy days are here to stay for the foreseeable future in the world of biotech, Trump notwithstanding.
