Relative weakness in Biotech in recent trade (145.60 -1.04)
The IBB has underperformed with it recently dropping to a new session low. AMGN -0.8% has slipped under its week long range and 50 day sma/ema this morning, TEVA -1%, CELG -0.5%, BIIB -0.8%, ALXN -1.8%, ILMN -2.1%, WCRX -1.6%, PRGO -3.4%, ONXX -2.1%, REGN -1.3%.
Nice thorough presentation...Mr. Lewis did very strongly suggest that increased payroll and expenses would be happening soon, though. Not that it's a negative thing necessarily but perhaps it spooked some. Or more likely, it's just Wall Street, doing what they do, which is, taking a stock wherever they want it to go in order to make $.
Wall street is here not for people to make but lose money...They will get you to sell stock at worst time and but it at wrong times. That is how it always has been - need to just play the game and take advantage of opportunities. Think this a shaking opportunity before the next leg up imho...Lets see we have many cayalysts coming up....
ST shorts can play around but then they will get burnt. Look what they did with DNDN this week. Knocked it down from $6.00's to $5.00's in a few days then probably covered some shrs cheaply before news hit today of an upgrade. Then good news hit and they get fried....=)