Put Buying

  • We are seeing put buying again today. I believe that is an incremental positive. 
  • I don't see Japan as a major risk. I believe the most under appreciated risk is Europe. Spreads are blowing out there again.
  • The biotechnology index (BBH) is hitting a new multi-month high today. I think the sector will continue to outperform through the closing of the Genzyme deal, expected for early April.
  • I added to my position in CA.

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