Well, I’m getting bored with this market, but it gives me time to get ready for 2017. The casual market observer appears obsessed with the Dow hitting 20,000, Such an antiquated and non-representative index, but it keeps CNBC in advertising revenues as they drag out unqualified pundits to opine.
I haven’t given a lot of thought to 2017, to be honest, I look at it more as just another year and a continuation of 2016. No one rings a bell at the top or bottom and a buzzer doesn’t go off t the end or the beginning.
As they drag me kicking and screaming through the biotech cemetery, I will continue to believe that the sector will see big gains again in 2017. I feel strongly that M&A will be the main catalyst as well as drug approvals. There are so many drugs up for approval in 17, the pipeline is huge. Mundane behemoths like MRK, PFE, BMY and GILD will need to buy things.
Things change too fast make predictions. Remember the geniuses at Goldman Sachs last January?????? They came out with their five or ten best themes/ideas for 2016. They put a lot of work into that voluminous piece of research garbage. God only knows how many trees died as a result. Anyway, all those best ideas STOPPED OUT by March 1. But they all went to Wharton and Harvard, maybe they had a bad day. They all end up at hedge funds or the White House anyway.
See you in the morning.