Yep. Bearish. Attached is a weekly chart. This link explains the possible pattern that may be forming. http://www.tradingfrommainstreet.com/techanalysis.html#4
hold your horses, usually after triangles break there is a pullback into the range, and only then the real move starts. so let's wait and see..
I live in asia and spent all day looking through some stocks that came up on a screen. Many, many of them were these zero profit, oftentimes zero revenue, pie-in-the-sky, rinky-dink biotech firms. Now I don't know squat about biotech or how the sector is traditionally valued, but most of the small companies I looked at today seemed extremely overvalued - already up 3,4, 500% YTD, and burning cash quickly. Yet, MRK may have already fallen to attractive levels. Perhaps its a case of Buy MRK/ PFE, sell the rest ... After all, MRK/PFE will likely acquire the promising ones and let the rest fail, no?
Blue, I agree with you about big pharma being cheap (at least with respect to PFE, which I bought around $30). But not all of biotech is overvalued. Specifically, I can't recall a time when AMGN's traded at such a discount to the group on a PEG basis (it's nearly an even 1 now). They also throw off a ton of a cash, have a strong balance sheet, and have a decent pipeline. So if funds rotate back into AMGN, which I suspect they will, the whole group, including the pie-in-the-sky dollar and a dream stocks, may get carried along with it. Just my 2 cents. HD