Goldman: $XBI is now +19% YTD (+67% from March lows vs. +38% for $SPX) on a confluence of variables:

- Defensive business models
- Launch/catalysts as offset to pricing/election concerns
- #COVID19
- M&amp;A put-optionality
- Fed stimulus
- NDX inflows, retail chase, index rebalance https://t.co/hyTAMdD4FP