Well, well, it's blood on the streets again. Anyone here buying? Any suggestions?
I like DNDN (Provence), it was around $40 last week - and then came Monday. It's now slightly under $10.
It had its own reason for falling, not the general collapse
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It's easy to refute an argument if you first misrepresent it. William Keizer
Wow - good article! Would you still buy it and hoping it'd rebound? Provenge seems promising.
I'm far from competent to answer that.
This may provide some light: http://www.investorvillage.com/smbd.asp?mb=971
Also read this: http://www.reuters.com/article/2011/08/04/dendreon-idUSL3E7J43V720110804
This passage is especially telling:
Provenge had initial success with large academic medical centers less concerned about the timeliness of reimbursement payments. The company said adoption among small community practices of urologists and oncologists has been much slower because they want to be assured that they will get paid before ordering Provenge.
Also consider there are other new prostate cancer drugs on the horizon like Zytiga which has the bonus of both being backed by Johnson & Johnson and being easier to use than Provenge.
There's blood on the street, but people continue to get slaughtered.
To paraphrase Marc Faber: We're all doomed, but that doesn't mean that we can't make money in the process.
Rabbi Lapin: "Let's make bricks!"
Stephan Kinsella: "Say you and I both want to make a German chocolate cake."
Speaking of slaughter, some Gordon Gekko is appropriate:
"Ever wonder why fund managers can't beat the S&P 500? 'Cause they're sheep, and sheep get slaughtered."
Buying stocks in this environment is foolhardy. Even after the 1929 crash, you would have been crazy to buy "cheap" stocks... while the value of your holdings would increase significantly if you were lucky enough to buy at the very bottom of the trough in 1932, this was still in devaluating dollars. Furthermore, if you were an average Joe, you might just need to cash out your equities just to feed yourself when you couldn't find work.
Yeah, right, buy stocks. You people are nuts.
So what would you buy right now? Besides gold/silver/etc.
I wouldn't buy gold/silver right now, either. Stocks and gold have both been moving up for some time. This is clear evidence of inflation since it means that the rise in the price of gold is not merely an escape from equities. In addition, the price of gold/silver have been rising much faster than the prices of other commodities which tells me that gold/silver are in a bubble-within-a-bubble.
Now, stock prices are crashing. This is likely the beginning of a double-dip. The Dow has crashed almost 17% in just 3 weeks. Just as it is not impossible for the prices of everything to rise at once, so it is not impossible for the prices of everything (including gold) to fall at once. The dollar has definitely been devalued. I would hold commodities other than gold/silver (except the minimum amount you always carry).