What a Gamed Market
By: Herb Greenberg | 09/27/13 - 12:26 PM EDT
Then there are the biotechs, in a euphoria not seen, or so say many longtime observers, since the late 1980s. Companies like Celgene (CELG)
, Biogen (BIIB)
, Regeneron (REGN)
and Gilead (GILD)
- all on Jim's list are all spores of speculation as long as (fingers crossed) Phase 3 results for whatever drug everybody's hanging their hat on doesn't disappoint.
This market is so gamed that any stock that gets even a whiff of negative news is bid up - as was the case yesterday with Boulder Brands (BDBD)
after my red flags piece
-- and Herbalife (HLF)
the day before, after a negative piece on FT Alphaville
I don't know who does the bidding up, but my hunch is that whoever "they" is does it to keep those stocks from slumping to some technical trigger point that would make those who are feeling smart look stupid.
Yeah, there oughta be a law. And there is. But just like professional wrestling, for some reason the ref is always looking the other way.
And as for the anointed: They are until they aren't. Even Jim will concede there will be no advance warning.
Reality: Game on, Skidaddy.
--Written by Herb Greenberg.