<< ...... plays right into the hands of the tax loss sellers at the end of the year. >>
Good note. I think it explains why we biotech investors are not eating caviar right now.
Adding a little more to your thoughts: A lot of index fund and mutual fund investors, with the exception of IRA's, who received capital gains and dividend distributions must now pay a load ( I mean a LOAD ) of taxes on their gains, after quite an UP year on the market. And, after receiving these stupid gains, some of them see their holdings going down. Now, they have to pay taxes on gains they might not have any more.
The fact that biotechs have been excessively punished, at the end of this year, might have a lot to do with that, IMHO.
LGND surprised me. I thought that it would hold up a little better than it did.
Regards, Happy Holidays, and (most of all) good luck, Bob
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