Ebb & Flow

Optimists should be cheering the fact that investors continued to bid up biotech during the final week in front of the American Society of Clinical Oncology (ASCO) meeting, which opened in Chicago last Friday, even when they had plenty of profits to take. Indeed, judging from the big bounces some stocks were getting, investors may have decided there was too much downside in getting out early.

Skeptics, however, might say that more air is being put into an already filled tire. The naysayers attribute a lot of last week's buying to the "unsophisticated" crowd, which also should give reason for pause...