I suggest that yesterday's sharply downward market move in Ariad and other hot stocks may well have been markedly exaggerated by the "Facebook Effect" In order to pay for the stock $16 billion had to be sucked out of the rest of the market and if that came from margin accounts than the net effect on stocks like Ariad might have been even greater. As the market sank the effect increased because more stock had to be sold. The timing of the drop with the need to pay for the FB IPO is curiously correlated if not somewhat causal.
I have a feeling this is going down to the 50 day. Barring further market meltdown, $15-$15.50 would be a place I would put some money to work.
Just hoping we don't see a repeat of last summer's insane risk off move again. That was awful.
BTW, the post Asco dump is right on schedule. All bio's (even the ones with great results) are tanking. Every year I refuse to believe that it is going to happen again and every year it does. I can't believe that something could be that predictable, but it is.
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