Hey folks, First on a macro level- I think the credit cycle that has driven consumer spending for years, may well have come to an end. It is going to affect commercial construction spending and have wide ranging impact throughout the economy. This is why you see banks hitting 52 week lows and it ain't bullish. I believe the commodity cycle was a major tail end of this peak and sucked in a ton of investment capital-from science related stocks and anything that didn't fit inside this particular run, not unlike dot coms and Tech's did in 1998-1999-2000 to the rest of the market. So with that said, we aren't involved in any credit cycle-but a much different cycle that is just getting going-the patent expiration of Big pharma and product cycle challenges faced by Amgen types. Smallish biotech looks very, very cheap to me, and very underinvested just like commodity stocks were 5 years ago. Cortex looks constructive, I'd love to see us break over $3 again and stay there soon- but if you look closely you'll see a reverse head and shoulders for over the past month or so shoulders around $2.85-3.00 head at $2.60 or so, plus the massive reverse head and shoulders I kind of spotted back in february/january. When I read that NIH piece someone linked two days ago , man it just floored me-we could be at the beginning of a run like Celgene did in 1999 or Amylin same date-in fact look at Amylin in 1998-1999 and you'll see a massive reverse H/S pattern. I am in CYTK and getting smacked, I am playing RPRX which should have gone up big today and didn't( a sign it is time to be bullish!), I am watching SPPI because Ron Garren likes it-but my favorite no question , nothing close-- is Cortex. I may buy some trading stock tomorrow that becomes long term if all goes well, my long term stock has not been touched since it was $5.25 ( and I bought it all back at $2.75 last summer).
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