we lookeded at ivb, the biotech etf. its performance in the first half.e found that the first half that just close d was the secon worst performance. we dropped 22% for bio tech in the first year. in 2002, tech had just gone through its dot com bubble. this promise around the human gee gnome project. right now, people say we're just seeing confidence get roaded because people are worried about drug pricing and the election and even the big buying techs, people are starting to lose confidence in them. these big companies need to buy and have a lot of cash. a lot of people are hoping that will turn things around in the second half. gilead with more than 20 million. celgene, there is a wide expectation these companies are going to buy. the question now is is that even enough to turn their stocks around now. >> so, the chart master here is taking a look at health care as a second half sleeper pick. it's a way of capturing both the defensive nature of health care. this stock is more parlayed with some of the lower beta names like pfizer lily. okay. top panel i

the fact that it is liberal and let's biotech in. it is a rocket booster. so you got to look at these ats and look at the subsectors. etf's look at the subsectors. having said all that, when you talk about pharma, the drug spades, is it a growth play for a value play or a safety play? eric: a little bit of both good and some people go their defensive or the yields or some people think it is a growth. if you look at the fundamentals in that market going forward, again, the baby boomers are retiring. they have a lot of money and they want to live forever. that alone is a pent-up demand that is what you keep coming. you look at one of the areas of pharma the has gotten a claim is the generic drugs. now there is an etf that tracks that. gnrx has done better than the pharma this year. it is down only 5%. the other ones are all u.s.. this one goes international. you are getting 30% u.s.. but it's got india, israel and south korea. it is a much more global take on generics. shery: that was my question as well. how concerned should you be when you are so internationally exposed? eric: it's good and bad. more tricky. much but in t