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When the generals Are Sold Into Quarter-End, Something's Wrong
Many leading glamours and generals took gas yesterday as the SPX erased the lion's share of Monday's big spike. It's been a bear market in follow through, nothing new about that. But Tuesday's selloff had the whiff of liquidation. The selling in biotech generals like Celgene (CELG) and Amgen (AMGN), which had recently set new highs, leaves a sour taste on the tape. Who needs to get glamours like this off their books at the end of the quarter? It feels like something's up. It's as if there is some big smart money that is concerned about liquidity and is concerned that there's not enough room for willing and unwilling ... (full story)