I wouldn't say there is no foundation for speculation. It's been well documented that Scangos has mentioned pending partnerships over the last 2 quarters and also statements to the effect that "anything could happen". If you consider that BMY has identified their program with EXEL as an important part of their pipeline, and the fact they took out a similarly situated company in Medarex last year, I'm not sure why you would suggest a take out would be foundationless.
Quite the opposite, it seems to me that there is a bit of a void in what Scangos has communicated, particularly with respect to pending partnerships. If you look at the low volume and how it moves on low volume, I think it rather suggests that chips have been laid and people are waiting to see the outcome.
But I agree with you - nice to see the markets are up again. My hope is to see a new top on the Dow approaching 11K - which would be great for most to take profit and be ready in the event of continued volatility.