Lately every new all time high appears to be Pharma related. Today's scan picked up Salix Pharma (SLXP) and it looks tantalizing. Its got lots of heavyish volume on gaps higher but gaps are sometimes doomed to fill themselves, or as the candlestick chartists say, "close a window." With two trading sessions closing higher but after opening even higher and then closing lower, makes you wonder what the Bears are up to, or if SLXP is entering lightly defended territory.
The question is, would you buy SLXP now?