The Bears May Still Have the Bulls By the Horns

The equities markets were neutral for most of today’s session, with the S&P 500 primarily trading below the area where the majority of trading activity occurred over the last two sessions. This implied that bearish sentiment was stronger, with apparently passive sellers sitting on their large offers all day as buyers failed to move the market beyond roughly 2771 for the S&P futures. The healthcare sector ETF XLV and the biotech sector ETF IBB both remained very neutral throughout the majority of the session, and most stocks did the same. One notable exception is Pfizer (PFE), which rallied strongly after the open. Here’s a recap.