jerry: What's the old saying our mothers use to say...."If you don't have anything nice to say then keep your trap shut." Or something like that. What can be written about COR on this forum in the face of dwindling capital and no news from what remains of the company? We seem to lose a penny or two a day with no end in sight except going belly up. Two of my other small biotech are holding their own....AVII and PPHM. I still have high hopes for them. I have very little hope for COR at this point. In my mind I've written it off as a total loss. Those happen once in a while. I'm keeping my shares until fall and taking the tax loss if Varney can't move the ball. Some of what has been transpired is bad luck, some of it the fault of a biased and inept FDA. But the bottom line is that Stoll and now Varney have failed to advance shareholder value. They sanctioned poorly designed drug studies and squandered capital by going in too many directions with too many compounds. It's too bad, because I could have used a prescription for "smart pills". My ability to focus on reading materials for long periods is diminishing. In law school I could read case books for hours provided I had enough Coke on ice. Now I read financial materials or even novels and I have to put the materials down in an hour. I have to re-read even semi-complicated stuff to understand it adequately. That was never a problem before. Maybe going into semi-retirement at age 50 a few years ago is slowing my mental faculties? Who knows. But I was counting on COR to provide me with a safe and effective "booster" for my aging brain. The chances are looking slimmer and slimmer with every day that passes.
As for the overall market, I still see a correction coming that will drop the S&P to 800 intraday, and a close between 820-840 one of these days soon. The volatility indexes (VIX and VXO) have dropped too far, too fast. The market needs a shake out before we commence the second half of the monster rally of 2009 that should take us up to 1200 on the S&P before we go into stagflation crash mode for a couple of years. Gold equities recently corrected 20-25% and are poised to resume their rally. The overall market lags gold by several weeks, so we'll get that short pullback soon in the overall market. Then it'll be off to the races again. Hard assets, energy, precious metals and basic materials will be the primary benficiaries for the rally. The so-called reflation trade ain't over, it's just resting. Have a great week.
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