Early Bear Behavior

Aside from strength in consumer staples and utilities, blue chip healthcare stocks were bid strongly this week. I believe this is the work of buy-only managers who are still getting inflows as many bulls don't realize it's a bear market yet, but they are a little worried about sector rotation and weakness in growth. CVS, BMY, ABBV, AMGN, NVS, UNH and so on. Not the vaccine makers and not biotech.

AbbVie is up 70 percent in 6 months.