The ^IXB is up for 5 days in a row (up from 900 to 1000).. now that I've mentioned it, its due to fall down. Hold on, I have to say I'll buy something in the index, and then it will go down..
I'm just wondering if all the technicians shorted the crap out of the biotech sector, and are slowly getting squeezed? Or is this genuine buying? Both? None?
The contrarian in me kind of likes this situation - a great deal of places I read say that biotechnology is going to be the next 'dot-com' sector, which of course is rather amusing... naturally they have all taken short positions by now?
What was rather unusual about today, however, was that a lot of small biotechs showed double-digit gains.. AMLN, ARNA, CRGN, ENMD, ISIP, VXGN, XOMA to name a few.. with the exception of CRGN, the other stocks just look like classical short squeezes? I'm not exactly a good technician... any comments? |
