it's getting bubbly in the market and I think july/august/sept will be distribution after big rally all spring. just after people pat themselves on the back for not selling in may and just after we decide on QE3. get the most out of the decision... run up the market (telegraphing inflation to bernanke) and sell the news no mater what it is for the rest of summer. recover by october and wait for QE3 expires while we do another 6 months of climbing from oct to march/may 2012.
if biotech stays on the front end of this wave it will be madness like 1999-2000 tech bubble.