It's funny that right before I saw this thread, I looked at the chart and was wondering the same thing. The handle formation is in doubt if this thing keeps sliding like today. Although not too concerned from a long term perspective, most biotechs besides CELG were able to take out new highs. CELG couldn't rally past the old 174 high.
Today sucked big time for CELG shareholders. Watching the market and other bios fly while CELG lays a turd. Fortunately, I own some of those bios and pharmas like GILD, JAZZ, ACT, PFE.
Well, patience is a virgin as they say.
Hey Ortiga. This is one of those rare days you get to be happy if your shorting CELG. Actually, if you are short most stocks. Long over due correction.
Let's not get carried away Ace. First of all 49.6% was a marginal contraction. Secondly you said "They basically said they were looking to be austere." Where did you get that from? If anything, a contraction would mean the Chinese government would now be more pro growth in its economic policies. They are not going to implement austere measures. You have it backwards.
Kicking myself this morning because I was going to buy puts on BBY when it was at 40 and I chickened out. Damn. At least I'm not long.
I'm kicking myself this morning because I didn't trust my instincts. I was going to buy puts when this thing was over 40. Damn.
Yes, but every time this comes up for a vote in Congress, Senator Truman has to confer with his horse and we lose the vote.