This market is way oversold. But I am waiting. For now, cash is king.
Sold PALM; when you get 38% in three days, sell
Stopped out of FCXprM and JNK. These were two of my great ideas to participate in rising copper and gold prices and junk bonds which I figured would lead equity’s recovery. Hogwash.
There were articles about MRSA becoming an epidemic in two of the papers I read today. MRSA is an infection most associated with hospitals and is very difficult to control. It is spread by contact rather than, for example, sneezing. Vancomycin, known as vanco, has been the prefered anitbiotic treatment but MRSA is demonstrating some resistence to vanco. Cubist Pharmaceuticals (CBST) is a one product company right now with Cubicin, a once a day intravenous antibiotic to combat MRSA. Cubicin is taking share from vanco. Cubist reported ’08 revenues of $414 million, up 45%. There is a high short position in the stock as the market probably views the company a one trick pony. Which it currently is. The company will have a conference call this Thursday, the 22nd, at 5pm. The call-in number is 877-407-0778. I’m not buying anything right now but I will follow Cubist with interest. Meahwhile, wash your hands. Here is a good explanation of MRSA from the Mayo Clinic. MRSA infection – MayoClinic.com
