Biotech update

All our biotech plays are green, including obesity, swine flu, renal, and various oncological drug companies. This is a relief, but it always concerns me when stocks gap up. I've taken some profits, leaving most shares on the table in case they gap up due to pivotal events. While I am bearish short-term, this bear market rally has some juice behind it as the Fed continues to pump the system with a flood of dollars.

Nominally, investors should do well, but returns will lag in real terms once inflation kicks in. More on that later...