Talkin' 'bout My Regeneration

Despite missing earnings, large cap biotech Regeneron is zooming higher this morning and leaving the $400 level more clearly behind in the dust. 

On the updated, zoomed-out daily chart below for REGN, clearing $400 is merely the first step, however, in a long series of levels needing to be breached in order to cement a major turnaround for bulls.

However, the large cap bios have been a lethargic bunch for a while now, with even cleaner charts like CELG failing to immediately break higher. So, in other words, biotech bulls ought to take it where they can get it. 

Ultimately, REGN will need a weekly close over $453 to confirm a major bottom. But this type of price action is a good start for any possible rotation thesis to develop into the summer months.

Elsewhere, Tesla is giving back a chunk of recent progress. The $295 area is looking to be the first significant battleground of dip-buyers' resolve.