Just a short post this morning to kick off what is almost assuredly going to be a crazy day. Here’s one of my short positions, Biogen (BIIB), taking a well-deserved swoon based on analysts reducing their price targets.
That’s lucky for me, but the reason I got into it in the first place wasn’t the hope an analyst would change their rating but, instead, this massive, multi-year distribution top. This is a short I could see myself holding on to for many months.
Oh, and if you want a grin to start your day, watch the clip below. It has nothing to do with the fact that it’s almost impossible to reconcile what your eyes are seeing and the fact that Tom Lee is married to a female. Instead, it’s the hysterical delusion that Bitcoin is going to $5 million. If the chart with a big red arrow doesn’t convince you, nothing will.
