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Originally published at 11:50 a.m. EST on March 3, 2016
This chart from Steve Cortes of BGC shows that the FANGs (the TFANGs minus Tesla) are starting to approach a pivotal technical position and have begun to exhibit some erosion in relative performance:
Position: Short QQQ, TSLA (small), AMZN (small), NFLX (small)
Selling Biotechs for Some Nice Gains
Originally published at 11:40 a.m. EST on March 2, 2016
I'm reducing the size of my biotech basket by selling across the board following some very large gains. In fact, I expect to completely eliminate my holdings if we see any further increases.
Today's gains have been truly breathtaking. We've seen 5% to 10% rises in Acadia Pharmaceuticals (ACAD) - Get ACADIA Pharmaceuticals Inc. Report and Aerie Pharmaceuticals (AERI) - Get Aerie Pharmaceuticals, Inc. Report , while Cempr (CEMP) , Intrexon (XON) - Get Intrexon Corporation Report , Portola Pharmaceuticals (PTLA) - Get Portola Pharmaceuticals, Inc. Report and Sage Therapeutics (SAGE) - Get SAGE Therapeutics, Inc. Report are all up around $3 a share or more.
Position: Long XON, ACAD (small), AERI (small), CELG (small), CEMP (small), GILD (small), NKTR (small), NVAX (small), OTIC (small), PTLA (small), SAGE (small), TTPH (small)
At the time of publication, Kass and/or his funds were short TSLA, AMZN, NFLX, and long XON, ACAD (small), AERI (small), CELG (small), CEMP (small), GILD (small), NKTR (small), NVAX (small), OTIC (small), PTLA (small), SAGE (small), TTPH (small,) although holdings can change at any time.
Doug Kass is the president of Seabreeze Partners Management Inc. Under no circumstances does this information represent a recommendation to buy, sell or hold any security.