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The bounce from 2011 tax loss selling is coming to an end, many of the stocks with those large bounces will be trending down down or at best going flat in the coming months.....
The year end bounce for many small cap biotechs seems to have started, up to 60% of my funds long on the sector. Should be a huge bounce for many of them...
I tend to agree with you. By now I would be careful with the buying, due to the incertain direction of the market that is set for another correction in Septemper. The situation in Europe is critical, and I'm waiting for another leg down.
The huge bounce in biotech stocks following the markets sell off in 2008, along with tax loss selling lead to one of the largest rebounds in biotech stocks in the past decade. This trend may be set to repeat itself again at the end of the year & into early 2012.