The great news out of Gilead (GILD) has caused a surge in the market that put the worst Gross Domestic Product (GDP) report since the Great Recession on the back burner. The impact of the Fed and news of healthcare discoveries reinforce that while you don’t have to chase the historic ramp, you shouldn’t bet against it either. The Fed is clearly winning this battle for now and the news from Gilead is giving a bit more tailwind to offense as evidenced by the further broadening out of the market and outperformance of the more economically sensitive sectors. As we put in yesterday’s post, the move into the underperforming sectors can keep the upside going for a bit longer.
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