So I guess the fall of the Turkish lira didn’t crash the market. We had a a little pullback. OMG, but what about those emerging markets?????? Europe didn’t get us, Cyprus didn’t get us. How about Portugal? Remember when we froze like a possum at gunpoint over those troglodytes in Dubai? Many saw this current pullback as the beginning of the end, when in fact it was a pullback in a secular bull market that remains very much in tact. Sure we could still test some lows, but if we do, you have to buy it.
Biotech is still the strongest sector. There was a cash takeout this morning in $CADX and $REGN beat and is higher in pre market. So you know, $REGN is the second largest holding in $IBB. $ICPT goes up everyday and I think $CLVS can go to $100. I also think $AEGR may be done going down. Lower priced names $IDRA and $CYTR look interesting.
I wont obsess too much about Yellen today, but the media will gasp for air as they analyze every word. What else do they have? Watching Olympic curling was a refreshing change.
This has been a V shaped bounce for most stocks and indexes, but that’s how we roll now. They sell them off hard in a matter of days and they rip right back in a matter of days. V’s aren’t always bad.
Come by and take a subscription here for detailed analysis and stock selection.