Facebook Hype Effect-Sell MO Stocks?
Many of the favorite momentum stocks are being hit with profit taking today including large cap biopharmaceutical stocks. With the NASDAQ down 0.8% at 2850, we see a lot of countertrends like gold up $39.70 off recent lows to $1576 accompanied by a big rally in silver and other metal stocks with even beaten-up Freeport-McMoRan (FCX $32.85) catching bids. The GDX ($41.50) is up 4.9%.
Biotechs are having a bad day down 2% and more with major ETFs taking a rest off recent highs: IBB ($123.96) off 1.37% , FBT ($43.97) off 2.16% and XBI ($80.91) off 2.24%.Withe the ASCO Conference two weeks away the big players may be raising cash as trading volume is up while prices are down. Among the big winner biotechs in 2012 that are being hit with profit taking down over 1% are: ALXN (ALXN $86), BIIB ($135.13) , Medivation($85.23) and REGN ($127.61) .
13F filings are out as of 5/15 for hedge and mutual funds so check to see who is moving your favorite biotech stock.