A strong day across the board in health care, which acted much better than the market throughout the day, led by the continued speculative strength in biotech. MNTA and GENZ added over $4 each to their $9 gains on Friday. CEPH,CELG, and BIIB also acted extremely well all day. GILD the lone big cap exception , due to the announcement of a large convert offering. I’d expect a bounce there if they get it priced overnight. Hospitals, HMO’s , devices all in upward trends. Big pharma up but more muted gains.

MCD followed the SBUX  and YUM rebounding act, gaining almost a dollar after a weak earnings day Friday. PNRA had its best day in a while in front of tomorrow night’s earnings.

For the third day in a row, a big blue chip provided the impetus for the better tone. Thursday it was CAT, Friday GE, Monday it was FDX’s turn. More evidence that industrial economy is fine, and the rest of the world might be coming out of things better than we are here at home. Watch GE – 16.36 is 200 day MA- stock has had violent moves crossing below and above that line for past two years – could help us further on this leg up if it gets thru there. Otherwise might be a good short term profit taking signal.

On the desk, customers took advantage of the rising prices to sell stock – by an almost 3:1 margin