Biotech bloodbath was the theme of today's trading session! $VRX (Valeant Pharmaceuticals stock) provided disastrous forward guidance and analysts on the street still questioned the company's business model.
We told all our paying stock chatroom members before the market open to be extremely careful with trading $VRX today. Only scalp it on bottom picks and do not try and ride it and be the hero to call the dead bottom. $VRX was making new 52-week lows and when there are fund liquidations in the stock, who knows how low they will knock it down. $VRX slow deathed an unprecendented -38% in price all day since it opened and all heroes trying to call dead bottom on it were taken to the woodshed. The stock made an estimated 1700 new downticks in price today which we have never seen happen in a stock in our 20 years of trading experience.
We went in and out of it 3 times today and netted a nice $2379 profit.