It was the story of the week; treasury bonds ignoring sky-high inflation reads and plunging lower. Meanwhile, the S&P 500 finally pierced through, closing at a new record high with little fanfare.

There was still caution during the week, but those cyclical names that benefited from big investors wanting exposure to reopening/reflation, gave up big chunks. I’m beginning to wonder if this was more about safety for some and trading opportunities for others, because the reopening trade should be getting a second wind.

Traditional safe-haven sectors had a good week as Real Estate, Health Care, and Utilities came on strong.  Blockbuster news for Biogen (BIIB) set the tone for Health Care, although the approval of their Alzheimer’s drug hasn’t been without controversy. Four scientists have quit the Food and Drug Administration (FDA) in protest, and many are screaming at the $56,000 annual price tag.

In my opinion, Alzheimer’s is the most insidious of afflictions, so I hope approval was the right call, and the cost comes down or mitigated for all humanity. 

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