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Since the last Newsletter, we closed two more positions, one for a nice gain and one for a nasty loss.
MICROMET (4/20/08). Closed position 7/9/08 at $3.30 for a 65% GAIN.
VION PHARMA (5/20/05). Closed position 7/8/08 at $1.04 for a 96% LOSS. (price includes reverse split)
Ever since we picked Micromet in April, the stock pretty much went upward; then, in June, news of preclinical and Phase 2 starts on several of MITI’s drug candidates juiced the stock even more. Vion, which had been a huge disappointment, was closed for an expected ugly loss.
And so the market catharsis continues aided by high oil prices and persistent government meddling. Must we go on with this rant? Until there is a violent sell-off, the current lethargy will go on and go and on. Yes, we may see several days, or even a week, of bullishness in the market, but be careful, it is likely to be a head fake. We need the sell-off in order to get a better grasp of future entry points.