Biotech made historic all time highs today which means every Tom, Dick and Harry will be selling gold, baseball cards and old Playboy magazines to buy what they think is the next double. Mistake. Big one. Yes there are individual names that are ripping, but you need to look at the top 5 holdings of IBB. Names like GILD, CELG, BIIB, AMGN, and ALXN are doing the heavy lifting. BMRN and REGN are right up there too.
Bottom line, don’t be the guy that chases the $5 stock, it ain’t GILD and you will probably be eviscerated quickly. Many still look significantly higher from here, and there are stocks that will still double and triple in this space, but they are so hard to find and 98% is luck and timing.
Being on the right side of the FDA can be impossible, literally a crap shoot. Nothing worse than bureaucrat scientists.
Today my subscribers made partial sales on GILD +12.15, MDVN +9.00, CELG +4.15 and ACHN +1.03. Never a better time to make partial sales and raise stops than at all time highs. You can always buy them on dips again which is my plan. Feed the ducks when they’re quacking I always say.
Stay tuned.
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Good luck tomorrow.