In this market sideways is great. Virtually every biotech has been hammered, except the ones who have been assigned to the great unknown and are not widely held by institutions and followed by analysts. Of mine, that includes CMTR, MATX, IDXX (hammered 60% a week ago before I bought in), CGEN. I track alot of biotechs in Yahoo, and virtually every graph just drops like crazy. IMO fund managers are not currently buying into biotech as they are in fear, and biotech is just too damn illiquid for them to get caught in. Don't bet on us being at the bottom yet, it could get much more bearish before the bounce, but their will be bargains galore for those with the $ to buy. Even great news barely moves stocks, check out the CYTO thread for some truly frustrated investors. They got FDA approval Monday for a major product, and the stock has barely moved, it just didn't drop off the edge like most. No earnings = big stock drop these days. It is truly ugly out there. I'm hanging on to my CMTR though.
Hoping you all keep the blood off of you,
Dave |
