I must admit, I did not see this rally coming today. The pre-market gave no indication that this would happen. Here are some things that are going on of interest:
1) Wuxi (WX) - is a pharma / biotech firm we have mentioned a couple of times recently. It is up over 5% today.
2) Cell Theraputics (CTIC) is down 11% today on news that they are going to sell more stock to the public. Even though this is in the hot bio / pharma sector, stock dilution is not a good thing for existing shareholders.
3) Hemispherex Biopharma (HEB) is a stock we bought a few days ago and got a large profit in almost immediately. Sometimes you have to take these profits quickly. This stock has dropped right back to where we bought it.
4) Take another look at Ford (F). No, not their cars! Their stock. It is trading at a 52 week high today.
Meanwhile, the market is now back to where it was before the Lehman Brothers debacle. The S&P seems to have broken through resistence, with the next resistence level probably at 1,000.
Clearly the market is not yet tired enough to correct significantly. How far will it go up? I don't know, but I will enjoy this move while it lasts.
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