This Market Flies Kites, Not Drones

Interestingly, the mid-cap biotech, Kite Pharma, Inc., below on the daily timeframe, is the top holding by weight in the IWM (ETF for the Russell 2000 Index). 

Although KITE is the top holding above others by only a slight margin, it is symbolic insofar as highlight the intimate relationship between the smaller and mid-cap biotechs and the Russell. 

Regarding KITE, you can plainly see a strong chart dating back several months. Moreover, unlike plenty of other bios, KITE is actually printing all-time highs today, clearly above its prior 2015 peak, whereas we know the IBB and XBI ETFs for the sector at-large still have plenty of heavy lifting to do to get back up to their respective peaks. 

At any rate, we want to see if the rotation down to the mid-cap bios persists, be it BIVV EXAS EXEL GLPG, or a few others we will detail for Members in my usual Midday Video. 

One thing is for sure, though: This market flies kites, not drones, as GPRO continues to act poorly on all timeframes.