What Happened Today?

Monday June 22, 2026

MACRO:

Oil went down. Market still rolled over.

The FDA announced new guidance. Basically, big pharma won and the FDA has gone from being a guillotine to a narcoleptic pussy cat.

Yay for investors! Boo for anyone taking a new drug. Let’s see if this momentum continues.

MICRO:

AbbVie bought retail favorite Nektar Therapeutics. Sorry, checking the press release again actually AbbView bought Apogee Therapeutics Inc a direct competitor of Nektar for $135/share a stock retail was heavily shorting.

I don’t play the acquisition game. But, I do have a score sheet for it. Apogee scored in the 90s. Nektar scores in the 60s as of today. Good, but not great.

If you make a decision on a stock and the market makes the polar opposite decision, you should re-evaluate how you think. Not complain about how the company got it wrong.

-AJ