Today's Theme: Bio Junk
I wrote yesterday that even though the Fed news was being sold, it was too dangerous to short this market. The action this morning is a good example of why this is the case. The market has underlying support as market players fear being left behind if there's a spike on a fiscal-cliff deal. They aren't rushing in to load up, but they are slowly accumulating and are quick to buy weakness. Apple (AAPL), for example, is bouncing back after a slow start.
What is most notable about the action is that there is speculative trading of small-cap "junk" biotechnology names like Oncolytics Biotech (ONCY), Compugen (CGEN) and Telik (TELK). Higher-quality biotechs like Celsion (CLSN), Synta Pharmaceuticals (SNTA) and Infinity Pharmaceuticals (INFI) are benefiting, and you can see that traders are looking for more names in the group....113 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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