New Issue Mania:
An influx of IPOs may not be the bearish precursor everyone thinks it is, as new issues rush to flood a hot market. Below is a snapshot of 7 recent new names that came public during a 2 week period recently in the healthcare group, as 5 of the 7 shown emanate there. Some of these sport decent charts as well, unusual as it takes time for a new chart to form a viable base. PGNY, has risen a perfect 7 for its first 7 weeks trading, and today pierced its head above a bull flag pivot of 29. Others like OYST, felt the power of round number theory as it was stopped precisely at the 20 figure Thursday, and today slumped 8%. At the other end of the spectrum is the action of some of the most mature names in the arena. AMGN looks poised to continue a robust move as it sports a nice looking bull flag pattern, and a break above 236 carries a measured move of 22 handles. BIIB is having a scuffle with the round 300 number, as 5 of the last 6 weeks were above intraweek, but only this one CLOSED fractionally above the figure, and the last 3 all CLOSED very taut, all within just 1.16 of each other. Very often explosive moves follow such tight consolidation.