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Gilead Leads a Biotech Rally By Bret Jensen | Nov 19, 2015 | 02:30 PM EST

This commentary previously appeared at 9 a.m. ET on Real Money Pro. Click here to learn about this dynamic market information service for active traders.

The market has had a nice week so far with another nice rally Wednesday. Oil is going in the opposite direction, pushing close to $40 a barrel. The strong correlation between equities and the direction of crude over the past few months seems to have lessened or even broken this week.

One sector gaining strength is biotech. After entering an "official" bear market late in September, the largest biotech ETF, the iShares Nasdaq Biotechnology (IBB) , has been marching forward in a "two steps forward, one step back" fashion. It has made a series of higher lows and higher highs over the past eight weeks or so. The sector has really demonstrated solid performances this week, as even a recent laggard, biotech juggernaut Gilead Sciences (GILD) , experienced a long-overdue rally over the past few trading sessions.

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