MRK - The Biotech Conundrum
As the S&P 500 (SPY) and the Dow Jones (DIA) indexes recorded new highs last month, other indexes were consolidating and drifting lower. The Nasdaq (QQQ) retreated a little less than -1%, after being down nearly -3% during the month. The small-cap index, Russell 2000 (IWM), held up well earlier in the month only to slip sharply and diverge with the larger indexes, giving up nearly -3%.
Source: Yahoo Finance; edits by PrudentBiotech.com
As can be observed from the chart above, the biotech indexes had a different