A great divergence is taking place in biotech, BIIB and GILD are lagging (GILD already down 10% and closed below its 100dma for the second time last week while its 50dma is rolling over; BIIB spent the entire week under its 200dma), while CELG and REGN are stalling.
Half empty or half full, depends on your philosophy.
I prefer half empty at this point. People ask, what's stopping GILD and BIIB from catching up with CELG and REGN in the last month OF 2014, well, I wanna ask, they had every reason to rally to new high in the last 2 weeks but they didn't.. I can't remember how many times GILD gapped up 1% in the morning and got sold off to red into close.
You see, the thing is, CELG can lose $10 and still remain in a major uptrend, but it'll be painful for people who bought near ATH.