I don't trade biotechs, but I've noticed that the FDA seems to be on a mission to crush them. Over the past months I've seen headline after headline of bad FDA stuff. It would be interesting to see someone chart the BTK with headline overlays. Anyway, it makes me wonder where the real value is in the sector, in case it's overcooked. (Looks like there's an interesting editorial about this viz a viz IMCL in tomorrow's WSJ).