It's Not Just Valeant in Trouble

Equities are still largely churning sideways since the opening gap higher, with another upside move about an hour ago failing to gain traction. 

Overall, the resilience in bonds and the Yen has yet to adversely affect the rally, for the most part, despite banks and biotechs relatively underwhelming as energy/materials outperform. 

In addition, VRX is stealing the show again with some glaring weakness off some negative Wells Fargo commentary. But it is not just VRX in the red today, as other large cap pharma are under pressure. 

MNK, for example, can be deemed actionable short idea below $64, seen still in a downtrend and possible in a bear channel on the daily chart, below. Also note the likes of BMY LLY NBIX lagging, too. 

If the S&P is going back up to 2000, then new short ideas can probably be postponed, at least not forced in there. However, if the widely-watched 1950 level, just above current print, acts as firm resistance then having actionable short ideas on hand is a good idea.