It's really saying something when Valeant (VRX) holds the key to health care, which then holds the key to the rest of the market.
But that's what is happening. Valeant put up a good face, answered a lot of questions and now it is going up and taking up all the rest of health care, which has been hurt so badly by it and by the hospital shortfalls.
I think it is so important because, without some fear of takeovers in the market, the hedge funds have been able to crush companies' stocks in the segment. It is just breathtaking how they have been able to maraud largely using the ETFs.
It's early, but it is a good sign for the bulls, especially given the rolling bear market we have seen in the sector.
The only question is when will Citron (CTNI) knock Valeant next and how much punch it will have.