Major averages finished mixed on lower volume though managed to reverse earlier losses. Major central banks have showed no signs of easing their money printing binge, and Fed Chair Yellen continues to reiterate that rates will be kept unusually low for a prolonged period. So with rates as low as they have been, bonds remain relatively unattractive compared to stocks which further helps stocks continue their aging bull run.
Drug development company Valeant Pharmaceuticals (VRX) had a potential pocket pivot on Friday but due to a variety of factors including its midbar close, we decided to wait and see before issuing a report. VRX behaved well today and is within buying range. Earnings and sales are robust, pretax margin 36.6%, ROE 46.2%, group rank 1.
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