(Premium) November Health Care Outlook

Health Care has been a mixed bag, which explains why we’ve been reluctant to have a more positive opinion on the sector despite its outperformance this year. We continue to be skeptical about the intermediate term prospects, given that we’re approaching the early-2020 relative highs. Still, there’s no reason to be negative about the longer-term outlook.

Managed care stocks continue to dominate, along with health care distributors.

Elevance Health (the old Anthem) just broke out after a healthy, 6-month consolidation.

McKesson has been on an absolute tear – weekly momentum has started to fade, but price has done nothing to confirm that yet.

And within pharma, Eli Lilly looks as if it’s never even heard about a bear market.

It’s the growth areas within health care like medical devices that have struggled, and since those names still comprise a significant part of s

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