Unless you were trading at the open today and covered your shorts you could have been whipsawed in a volatile market that had NASDAQ down to the 3425 level. Many biotech stocks recovered today so no technical damage. The IBB was down 5% low to high over two days but remains around 181.
Significant winners among Rayno Biopharma stocks: ALKS, AMGN, EXEL, IMGN, OPTR, PCYC, and SQNM.
Losers were: ACHN, ALXN, ARRY, and REGN.
We still urge some profit taking as macro issues will come into play. The biotech bull market is frothy but intact and short stocks only for hedging.
enter site Head Fake or Head for the Holiday?
A very bullish start for the day reversed abruptly around 2p with profit taking. Maybe investors are planning ahead for tapering by FED i.e. easing off on QE. With a bubblet in biotech why get too greedy? Also a big weekend is ahead so relax with your big gains? Another trend to look for is a little selling after ASCO, but large cap drugs are up big this week: BMY,PFE,MRK
Watch MO stocks for “toppiness” in life science sector: ALXN, AEGR, MDVN, REGN etc.