Overall it was a red week for biotech whereas the greater market (S&P, NASDAQ, and DOW) gained a little under +1% each. In the past 30-days the healthcare sector (represented by the XLV) marginally underperformed the market. However, the biotech industry (as represented by the XBI) posted nearly double the gains. That said, investors should expect a continuation of above average volatility. Several factors that have accompanied previous recessions are seen now. Specifically, oil bonds reaching maturity, interest rate cuts, and an inverted yield curve on U.S treasuries. It would behoove investors to buy protection in the . . .