One of the distinguishing features of the equity market rally since March has been the leadership role of biotech and pharmaceutical stocks. Investors have been clearly enamored of this industry since the commencement of the race to develop a COVID vaccine. But as we’ll discuss here, cracks are beginning to appear in the edifice of the drug stock group. Here I’ll make the case that not only will these cracks likely expand in the coming weeks, but the increasing internal weakness in this industry may also contribute to a broad market correction this fall.
Before