Markets needed a rest after last Thursday and Fridays volatility. Today the markets acted like they were off for Veterans Day, which you can make a case that they really should like the bond markets. The Nasdaq traded in a very tight 20 handle range to close up less than one point. The S&P 500 closed up just more than one point as the markets enjoyed a quiet session. There were some decent moves if you took a look under the hood. Some merger activity occurred Monday as the biotech continued its action from last Friday as SNTS was the target of SLXP. Monday VPHM was in the news with suitor SHPG. The premiums were robust as SNTS was higher by 37% Friday, and VPHM advanced 25% Monday. Remember last Tuesday ENDP gapped up 28% as well in the group. It is still way to early but are some of these up and comers like SLXP ENDP ready to join the conversation of joining the big boys like CELG BIIB GILD? There charts look better than those aforementioned mature names. Luxury retail favorite KORS closed above 80 for an all time high on Monday. Volume was firm. Today’s move was admirable as it moved even after last weeks bulling 5% plus outside week. KORS is best of breed but it is pulling others in the group along for the ride. Keep an eye on ZLC to see if it can continue to shine, pun intended. It is reporting in a couple weeks and if its last release was any indication, 8/28 was up 30%, this one has plenty of room to run.
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