Market Recap: Survivability

[youtube=http://www.youtube.com/watch?v=IL0aDXekfyM]

The Reformed Broker, AKA Prince Adam, here with today’s Market Recap

Once again, the DJIA shrugged off an overnight triple-digit sell-off in the futures…this must be awfully frustrating for the apocalypse crowd.  I’m trying to stay prepared for the eventual correction of at least some of this rally, but guys who are 100% long right now are killin’ it. 

CalPERS came out and voted against the entire board of Bank of America (BAC) “for their role in allowing billions of dollars in bonuses to be paid to Merrill Lynch employees and for their role in failing to disclose to shareholders the true financial condition of Merrill Lynch prior to the consummation of the merger.”

Imagine that, somebody does care about abusive corporate non-governance!

All eyes were on Dendreon (DNDN) today as data on their Provenge drug for prostate cancer was released at around 2pm.  The stock was halted around 1:30, but wait til you see the roller coaster that transpired first:

5 day chart for Dendreon

5 day chart for Dendreon

The stock got cut in half prior to the halt during the panic, but then the news hit during the halt and the panic seemed unjustified!

From AP:
An experimental treatment added four months to the lives of men with advanced prostate cancer, doctors reported Tuesday in a study that tested an entirely new approach to fighting the disease.  Median survival was 26 months in men given Provenge and 22 months in the others. Three-year survival rates were 32 percent for the Provenge group and 23 percent for the others — a 38 percent improvement.

I’m not a big biotech guy, so I’ll content myself to watch the fireworks, whichever way the direction resolves itself upon the stock’s re-opening.

Speaking of Survivor, don’t be afraid to sing along with the kids of PS22 doing a cover of Eye of the Tiger in the above video.

Have a good night, and thanks for reading The Reformed Broker today.

Full Disclosure: I do not have positions in any of the stocks mentioned.  Please do not construe my commentary above as an invitation to buy of sell any securities.  See my Terms & Conditions page for a full disclaimer.