TheStreet’s Jim Cramer says we’re seeing a top in biotechs. He says the drugs and the biotechs must’ve been marked up very big because we’re seeing outrageous activity in these ETFs where they’re just slamming everything. He points out that we have 8 biotech secondaries being done right now and that’s just way too much supply. Cramer says he looked at every one of the eight and found that every one of them has accumulated losses year after year after year. That’s not what we want. If you think that biotech is going to bottom, Cramer says, you have to reach for Celgene, Biogen, Regeneron and Gilead. But he says he’s not ready to make that call yet. Be careful, he warns investors, the market is not set up to rally here even though April is typically a strong month.
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