We caught an adorable little swoon when some Ruski boots landed on the ground in the Ukraine yesterday afternoon. It was short lived though. When they saw Putin ride in shirtless on a zebra everyone started to belly laugh. What a bunch of teasers. Good morning, millenials. Welcome to Cold War II. Ask your parents about the fun! Go rent the movie “Fail Safe”. An awesome watch. Would love to peek at Putin’s calendar: 1-Host Olympics 2- Invade country. What a peach.
The market still managed to close at all time highs on Friday because low interest still trump bazookas and ICBM missiles for now. However there was a correction in some names, especially biotech $IBB.
A couple of weeks ago the biotechs ripped and garnered some good momentum on the heels of the $ACT acquisition of $FRX. That put things in motion because the collective thinking is that every biotech that is publicly traded will be taken over imminently. Yesterday $MDVN disappointed on earnings, so folks thought “well if that can happen to $MDVN, then what about my little biotech that is also trading in the stratosphere”. So the group got sold hard. They were due and I’m making my list now should the selling continue for a day or two.
This is still my favorite group and they are far from topping. maybe after the ASCO conference, but not now, and every dip should be bought. As you can see below, every dip has been followed by a rip and until that changes you need to stay with the program.
Many of the hot little software stocks pulled in on Friday. $SPLK had a wild day, check out the candle on that one Friday. I think $VIPS went to like a thousand or something. What a trade that has been. Interesting that $YELP tagged 99.99 and then folded like a pup tent. Maybe the criminals in the options pits had something to do with that one.
Have a great weekend.
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