agree, now most are in the area where they feel the markets are going to drop until they finally get word from which way the fed is going to move...keep in mind that the next fed meeting is during the holiday season and right up into the end of the year, I highly doubt the fed is going to do anything to scare these markets, if anything they will do anything and everything to keep the markets up into the end of the year, while spoil the holidays with a huge correction....and on top of that over the last few weeks all the bulls have been cheering that they are looking at new highs soon on the s$p...I hope this volatility stays until the end of the year!!!
will wait for the s$p to drop below 2000 before trying any long positions.....I want to go long the s$p today but waiting it out....however I feel they will some how though turn this red into green by the end of the day!!
I haven't traded any biotech in probably 2 weeks, Im waiting for an extreme move in either direction....really waiting for biotech to probably take a good 10% drop before going long....Still watching LABU, will buy back in under $16. Still own a small position though....Own LABD in the lower 40s and will be selling that in the 50+ range!
I think thats what Ackman said when it was trading around $110-$120....he owns shares $100+ higher....he thinks its worth over $400 a share!!! Ackman's Pershing Square Capital Management owns 21,473,933 shares of Valeant, including 2 million shares Ackman bought during last Wednesday's sell-off. He bought his original shares at an average price of $198. The new shares were bought at around $108.