Playing a Potential Bounceby alphadawgg on July 8th, 2008 at 5:05 pm |
Near the close today, I bought the following bio/medical stocks:
(CGRB: 18.98 +8.71%) @ 28.94
(EXAC: 14.05 -4.94%) @ 30.36
(GENZ: 69.38 +0.35%) @ 76.73
(OSIR: 16.73 +2.20%) @ 14.94
(NUVA: 39.90 +0.03%) @ 47.86
Bio/medical looks attractive to me here. Don’t ask me why. Call it an intuitive thing.
To give the bears equal time:
Potential short sales:
(ACI: 15.00 -5.42%) sell @ $60
(AKS: 8.15 -6.54%) sell @ $50
(CENX: 9.65 -20.38%) sell @ $56
(FCX: 23.14 -4.93%) sell @ $102
(FLR: 33.97 -4.93%) sell @ $170
(NOV: 24.76 -4.07%) sell @ $81
(OII: 24.28 -6.07%) sell @ $ 68
(PCU: 12.10 -7.91%) sell @ $ 97
Disclaimer: This information is not intended to be used as the primary basis of investment decisions. Because of individual investors requirements, it should not be construed as advice designed to meet the particular investment needs of any investor. Consult your financial advisor prior to taking any actions. The information and opinions contained here are those of the author and are not necessarily the same as those of iBankCoin, its principals or its affiliates. Trade at your own risk.
It’s more than intuitive…you know what the charts are telling you!
I liked GENZ, haven’t checked out the others (yet).
July 8th, 2008 at 5:31 pmAlphadawgg went shopping, all right! Thanks for the list, printing it now.
Agreed it’s more than intuition, but I do like your new mind set, and your new focus on biomed too.
July 8th, 2008 at 6:39 pmThe charts are showing breakouts, but as you are probably aware, biotechs are proxies for “adventures in fuckery”. They could easily sell off and leave me in some sort of biomedical induced seizure. But I don’t think so. That’s my intuition.
Hat tip to anjing for mentioning biotech in passing, when replying to a comment I made about sector rotation.
July 8th, 2008 at 7:01 pmAlpha, I own a little SGP for the longer term with a cost basis of about $19. When it went up today almost 5 percent (up .92) it got my attention. You have a better sense than I do, does this mean it’s part of big money rotating into the medical sector, or it’s just part of the general relief rally? GILD was also up nicely I believe.
July 8th, 2008 at 7:22 pmBiotechs and medical stocks are the ONLY stocks right now that look half-decent right now, and that is one of the reasons I am suspect of this bounce and think it has a better chance of failing soon that gaining strength.
XBI looks like it may breakout.
Check out ELN from the same sector - that is about the nicest chart I see out there.
July 8th, 2008 at 8:02 pmBiotech is looking good…to me.
The stocks have been oversold, but are now starting to show improvement now that about 35% of stocks in that sector are trading above their 10-week MA. Last week, only 28% of biotechs were trading above the 10 week.
boca, demand is starting to overtake supply in biotechs, so yes, it appears to be a money magnet in its initial stage.
July 9th, 2008 at 12:50 amMaybe the market is pricing in all the old fuckers, getting ready to go on SS and stuff, all the while racking up monumental medical bills.
July 9th, 2008 at 12:57 amThat, or all the young fuckers that want to stay young by drinking biotech cocktails.
July 9th, 2008 at 1:11 amLook at AMGN…. nice move off 40 to 50 just breaking out of a 6 month base. The trend followers have had a MA crossover buy signal setoff the last week of June.
The BBH 10 year monthly chart put a high in Dec 2005. Since then it has been consolidating … and what I see setting up is an expansion in price and volume for this month….keep an eye on this ETF to see if volume picks up…..I wouldn’t trade individual names since I strive to elimante company specific rsik from my trading whenever possible and as A dawg points out this sector can really bring you grief if your on the wrong side of an FDA news release.
July 9th, 2008 at 6:55 amI anticipate more takeovers will occur in this space as pharma companies look for fresh meat. FMS’s purchase on Monday could mark the start of buying binge as big phamra companies, starving for new drugs, decide that buying a company’s pipeline is easier than building their own.
July 9th, 2008 at 9:31 amPFE needs to buy something.
$28 bill in cash? Sheesh.
July 9th, 2008 at 1:43 pm