TTP Morning Update: $GILD $UBSI

Good Morning! Biotechs, especially large cap, are getting smacked this morning after Celgene reported quarterly earnings. Celgene is now down over 25% this month and this performance may squash what is left of our biotech rally. GILD reports after the bell today, but will likely be down in sympathy with CELG this morning. We don’t know if our stop, which is near $77, will come in to play, but traders need to be on alert if the sell-off in the sector turns ugly. Elsewhere, UBSI reported this morning and earnings look to be in line with estimates. As of this writing, I do not have an indication of where the stock may open, but honor your stop here as well ($35.25). We will update later today as needed.

-CJ

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