As good points & only time will tell if the recent rally was an over-reaction or even completely unfounded. PBM’s have been killing the big phrama co’s & might continue to do so although I suspect that pendulum is due to swing back around soon.

Regarding the biotechs, despite the persistent rhetoric in recent years how bad Obamacare was/is going to be to them, as I highlighted in this video last week: http://rightsideofthechart.com/biotechs-rally-likely-to-be-faded/ , whatever underlying dynamics played into it, the biotech embarked on their strongest bull market run in history right around the time the ACA was signed into law back in March 2010, advancing nearly 400% over the next 5+ years with hardly a hiccup. By that logic, one could conclude that a partial or full repeal of Obamacare could actually be detrimental to the biotechs going forward.
Again, maybe an overly simplistic take with other factors that played into that mega-bull in the biotechs after the passing of the ACA but I also focus on the point where you said “….at least until we understand what Trump might have up his sleeve..” which helps illustrate that this rally was not based on any solid underpinnings or definitely changes in the fundamentals for the sector, rather what might be a possible best-case scenario. Weekly charts of XBI & IBB still put both in a primary downtrend (bear market) by most metrics at this time with a decent possibility that they are in the final stages of a bear market rally that started earlier this year, only reaching the run-of-the-mill 38.2% (IBB) and 50% (XBI) Fibonacci retracement levels of the initial leg down.