Downtrend Broken on Cephalon
Stone Fox Capital added to the Opportunistic and Growth Portfolios a few weeks back around the closing range of $59. Clearly we got on board a few weeks too early, but the price was too compelling at now just 8x next year. Also, it was an opportunity to build up some biotech exposure after the healthcare reform was finalized.
The best part of adding this position now is that the risks are well defined. Healthcare reform is now known and the 20ema provides a downside limit.