Pharma / Biotech Bottom??

I don't know, but it feels like we've reached a bottom for the pharma / biotech group. Yesterday, Pfizer pulled Bextra (Cox 2 drug) off the market and gaped down at the open. The stock eventually moved it's way up and actually closed up for the day. This tells me that all the bad news has been factored into this stock and the path of least resistance is up. If you look at the IBD (Investor's Business Daily) rankings, the Medical-Biomed/Biotech is ranked 166 out of 197 and the Medical-Ethical Drugs is ranked 173 out of 197. This sector is ranked at the bottom quartile of all the groups. This looks like the beginning of a pharma / biotech recovery.

My portfolio is still heavily weighted in the pharma / biotech sector. My holdings in this group are: Pfizer, J&J, Biogen, Boston Scientific, Genzyme, and Genentech. Yeah, still holding onto Biogen - some interesting news on Rituxan for treatment of rheumatoid arthritis.