Biotech Sideways, But Select Names Rip

The markets went sideways for the most part today and stalled around Fridays closing prices. There was considerable action on the biotech front today though.

ONCE popped 10%.  Very recent IPO.


CLDX popped around 17% as it received FDA breakthrough designation for one of its drugs. Earnings in the morning.


PTCT popped as they announced that they are looking for a buyer.


PCYC popped 6%


TSRO popped about 13% we sold the balance +20%


I took some profits today, some bigger than others just to clean the slate a bit. As I say, its always good to feed the ducks when they’re quacking from time to time. I still think that IBB can hot the top of that channel before a rest, but there’s nothing wrong with monetizing some trades into strength. More new setups will avail themselves  They always do.

Today I sold the balance in TSRO, EPZM and ANAC and the entire position in FB and AMGN,  all at profits.  We broke even on the balance in VEEV.

Tomorrow they release that always silly statistic…… consumer confidence.

Get some rest and I’ll see you in the morning.  Please don’t forget to check the P&L tab on the blog every night for any updates, new additions or stop adjustments.

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