Hot Shots: Amgen

he resulting market volatility has made the directional delta much greater to handle. That goes for both bears and bulls at this stage. For the latter, trying to remove some of the blood on the streets now apparent, is certainly tricky business. The truth is traditional stops and technical levels are mostly easy targets in an environment where the intraday range in even the most liquid and still well-thought-of names can simply boggle the mind.

That being said, the action is also very reminiscent of more than a few bottoms in days past. For starters, there’s this credit crisis thingamajiggy which has taken over (ironically enough) the media. Nobody is saying the situation isn’t serious. In fact, most will say and you can see for yourself, that its lead to a confidence crisis in the financial markets. That’s true enough. And this time could always be the one situation that truly is different.

Most often though and while everyone is still busy pointing fingers at the guilty parties and systematically keeping most sidelined bulls at bay, the market bottoms. On that somewhat optimistic note and feeling very much alone looking at the grizzly ol’ market with a benevolent eye (trust me), I’d like to present relative strength leader Amgen ( AMGN)… although my prognosis isn’t likely what you’re thinking. 

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