Chinese market getting hammered tonight

[Dawoofdaddy]

Will a big drop in Shanghai again precede another haircut here in US and other markets around the world?

 

[Hitman26]

China sells at 50x earnings, while the s&p sells around 15.



I think 3% is the most downside barring something crazy happening for us in the next few weeks.

 

[sunnyblue100]

Market was strong today and S&P closed at record high.

 

[Dawoofdaddy]

Yes, US market shrugged off the China selloff.

I was short for a while in morning, before eating a loss and covering.

Market is boss and obviously today it didnt want to lay down regardless what happened in Asia.

 

[quantumleap]

Yes, US market shrugged off the China selloff.

I was short for a while in morning, before eating a loss and covering.

Market is boss and obviously today it didnt want to lay down regardless what happened in Asia.

From what I understand, the China selloff was due to a tripling in the tax to trade shares and was not due to any inherent weakness in the Chinese economy. The US market rebounded once they realized this.

 

[Dawoofdaddy]

QL, I heard on tv that yesterday alone, 500,000 new stock accounts were opened in China.

Amazing.

 

[Hitman26]

Woofy:


Are you in any biotechs?

 

[Dawoofdaddy]

I own that nnvc still.

Its done nothing since Ive owned it, but biotechs dont trade like rest of the market. FDA is very tightlipped so biotechs tend not to leave footprints prior to news like other sector stocks.

They have a decent pipeline of potential approvals and if birdflu ever becomes a real problem, the stock should do well.

The bulk of my investments are in various commodity type investments.

I recently spent 30 days in asia and as soon as I can get everything arranged so I can buy stocks on vietnamese stock exchange, Im going to.

Do you own any biotechs hitman?

 

[Hitman26]

ency... it's going to pop tomorrow morning but my average pps is 6.00$ so I will still be underwater.


EXEL.... My favorite biotech. I plan on holding for at least 5 years. They have about 10 drugs in the pipeline and have a strong balance sheet with good partnerships set up with major drug companies.


PANC... A very speculative play that I got in on last week. They really have only 1 drug and they are running out of money.


OMRI.... This one makes a profit but I'm not that crazy about it. I bought it trying to catch an earnings pop but I got popped instead. I might sit through 1 more earnings report and then cut it loose if they don't beat.


BMRN....I got in on this one last month. I really like this story. They make drugs for rare diseases but they charge an arm and a leg for them.




I'm really becoming a biotech bull. I like the idea of only having to pick around 30% winners but letting the winners run like crazy to more than offset the 70% losers.



I only have about 15% of my portfolio in these "risky" stocks but will be adding more thoughout the year.

 

[Dawoofdaddy]

biotech sector has not moved at all during the market rally.

that wont last forever, so agree this is a sector everyone should have at least some exposure.

 

[Hitman26]

BBH (Bioholders index) looks like a nice, safe way to play the sector. It's made up of the 10 biggest, but 40% of the fund is DNA, so I guess you might as well just buy that.

 

[Dawoofdaddy]

how much of that fund is amgn?

 

[Hitman26]

<TABLE class="" cellSpacing=0 cellPadding=2 width="100%" border=0><TBODY><TR class=yfnc_modtitle1><TD><SMALL>TOP 10 HOLDINGS ( 97.81% OF TOTAL ASSETS)</SMALL></TD><TD align=right> </TD></TR></TBODY></TABLE><TABLE cellSpacing=0 cellPadding=0 border=0><TBODY><TR><TD noWrap height=1><SPACER width="1" height="1" type="block" /></TD></TR></TBODY></TABLE><TABLE class=yfnc_tableout1 cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD><TABLE cellSpacing=1 cellPadding=3 width="100%" border=0><TBODY><TR><TD class=yfnc_tablehead1 align=middle>Company</TD><TD class=yfnc_tablehead1 align=middle>Symbol</TD><TD class=yfnc_tablehead1 align=middle>% Assets</TD></TR><TR><TD class=yfnc_tabledata1>AMGEN</TD><TD class=yfnc_tabledata1>AMGN</TD><TD class=yfnc_tabledata1 align=right>20.44</TD></TR><TR><TD class=yfnc_tabledata1>APPLERA CORP-APPLIED</TD><TD class=yfnc_tabledata1>ABI</TD><TD class=yfnc_tabledata1 align=right>3.02</TD></TR><TR><TD class=yfnc_tabledata1>BIOGEN IDEC INC</TD><TD class=yfnc_tabledata1>BIIB</TD><TD class=yfnc_tabledata1 align=right>6.79</TD></TR><TR><TD class=yfnc_tabledata1>GENENTECH INC</TD><TD class=yfnc_tabledata1>DNA</TD><TD class=yfnc_tabledata1 align=right>41.01</TD></TR><TR><TD class=yfnc_tabledata1>GENZYME CORPORATION</TD><TD class=yfnc_tabledata1>GENZ</TD><TD class=yfnc_tabledata1 align=right>4.77</TD></TR><TR><TD class=yfnc_tabledata1>GILEAD SCIENCES</TD><TD class=yfnc_tabledata1>GILD</TD><TD class=yfnc_tabledata1 align=right>13.92</TD></TR><TR><TD class=yfnc_tabledata1>MEDIMMUNE INC</TD><TD class=yfnc_tabledata1>MEDI</TD><TD class=yfnc_tabledata1 align=right>3.1</TD></TR><TR><TD class=yfnc_tabledata1>MILLENNIUM PHARM</TD><TD class=yfnc_tabledata1>MLNM</TD><TD class=yfnc_tabledata1 align=right>0.77</TD></TR><TR><TD class=yfnc_tabledata1>SEPRACOR INC</TD><TD class=yfnc_tabledata1>SEPR</TD><TD class=yfnc_tabledata1 align=right>1.59</TD></TR><TR><TD class=yfnc_tabledata1>SHIRE PLC ADS</TD><TD class=yfnc_tabledata1>SHPGY</TD><TD class=yfnc_tabledata1 align=right>2.4</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>

 

[Hitman26]

I've been thinking about getting in AMGN for the last 6 months. It just keeps dropping though.




What do you think about AMGN?

 

[Dawoofdaddy]

since its been underperforming a while now, id like to see what it does during next correction before buying it.

same can be said for just about everything else, but thats why market keeps going higher for most of us wont buy anything until after another correction.

this fund seems strange...call itself a fund but 61% of the assets are in two stocks.

 

[Dawoofdaddy]

Shanghai getting another 5% off via Mondays trade and thats on top of 2.5% shave Friday.

 

[TheKinz]

good day to buy...What's up Woof..still in CMGI,CKSW,ONSM

Happy Monday..

 

[sunnyblue100]

Looks like a double top to me, but still good to buy some value stocks.

 

[sunnyblue100]

Wish it can drop more, there will be quite a few good stocks with bargain price.