I don't know about 18, but below 20 before earnings is certainly in the cards. Nice bounce today to get even for the week, or close to it. If it finishes up for the week longs can maybe breathe a bit easier.
I think it's interesting that they chose Election Day for earnings. Obviously it could make a big move, one way or the other, after earnings. But a Clinton presidency will bring increased scrutiny to the pharmaceutical industry. And Sanders assuming a more powerful role in the Senate will also hurt. The sector will be under pressure, and the weaker companies, and Valeant is perceived as weak at the moment, will suffer the most. This is my reason for being bearish going forward
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