The American Society of Clinical Oncologists (ASCO) opens Friday, June 1 at 1:00 PM in Chicago. Don’t expect any blockbuster announcements to emerge from the conference; instead the chart shows attendees can expect food – lots of it! Big pharma will totally dominate ASCO. Expect them to take an old drug or formulation and sell it in different packaging. (“Yes, it’s a great floor cleaner, and it’s even better at cleaning up cancer cells!”) Overall though, the stock charts of a lot of the biotechs appear much stronger than big pharma. Medarex (MEDX*) looks interesting. Of the “Big Three”(JNJ, MRK*, PFE*), MRK’s chart looks the strongest, followed by JNJ, and PFE looks very weak Sep/Oct.
Then again, most charts I’m looking at are adversely impacted in the Aug – Oct timeframe which leads me to believe that this market is not in maniac mode much longer.
*The author’s family has a small position. The chart’s story does not always benefit their positions.