Regarding the recent posts on Healthcare, I took the profit on PFE [edit: AMGN targets higher but taking that profit too] for two reasons; 1) As noted in NFTRH 389 I have a desire to raise cash levels and 2) I watched the most disgusting documentary on Sunday called American Addict. It was a sobering look at the grift if not outright criminality going on at the highest levels of Pharma/Biotech corporate America and its politically powerful lobbying agents. The result is a nation with some large percentage of people drugged up unnecessarily. Big business and its profit motive above all. I had been ignorant to many of these details.
So goodbye Pfizer, give me my money. Not to say there are not a lot of ridiculously helpful drugs. There are miracles out there. But the proportion of contemptible behavior per miracle is astronomical.*
As for the general Healthcare sector I still hold XLV and device maker Boston Scientific, but XLV is nearing the downtrend channel’s upper line, which is the target for now.
* Remember the theater surrounding the people’s hero Hillary Clinton? She was documented to be one of the top 2 receivers ($100’s of millions if I recall correctly) of funds from the industry. As I said, contemptible behavior is rampant.
