The DOW is still teetering over 13,000, not giving much of an indication either way as to whether or not the long-speculated correction is coming, but headlines in support of both sides of the argument are still running across the wires, making traders edgy and throwing continued volatility into the mix.

It's my opinion that it's best to prepare for both scenarios, which compels me to sell some recent-runners in order to have a few bucks on the sideline if a correction does take shape, especially with the weather warming up and the summer generally being vacation time for Wall Street.

Oil took a dip on Wednesday after talk that the United States and France may release some of their strategic reserves into the market, easing concerns over Iranian oil coming off market. Coincidentally enough, it's a Presidential election year in both countries, so the incumbent candidates should receive a nice boost in popular sentiment as a result of a strategic release of reserves.

Ya gotta love politics, rarely is it ever about doing something solely because it's the right thing to do - there's always a political twist.

The twist keeping Gingrich in the race for the Republican nomination? Not sure about that one, but firing his campaign Chief and downsizing staff is his most recent strategy for success.

There's a lot of hate in the news these days, and a lot of people in key positions inflaming that hate. Gone are the days where discussions are a part of talk shows and opinion-based news reporting, it's turned into a hostile circus of attacks on and inflamed anger - which is absolutely great for making ratings, money and notoriety, but does nothing to soothe any lingering ails of society.

Of note in sports, it was a tough blow for the US men's soccer team this weak, after the team was eliminated from competition for the next Olympics, and the San Fransisco 49s signed former Giants Mario Manningham and Brandon Jacobs as free agents this off season.

Tough to see those guys go, but you really can't blame the San Fransisco Forty Niners for wanting to be the New York Giants.

Let's see what's up in the stock market..

Amylin Pharmaceuticals (AMLN): Supported by volume of nearly ten times the norm, shares of Amaylin Pharmaceuticals (AMLN) soared by over fifty percent on Wednesday after a Bloomberg report surfaced stating that Bristol-Myers Squibb Company (BMY) had made an unsolicited offer to purchase the company for $22/share, which would have made the deal worth $3.5 billion.

The Amylin board refused the offer, but company shares quickly soared to prices equal to the valuation of the offer.

Amylin, a company that develops and commercializes products relating to diabetes and metabolic disorders, has also been linked to takeover rumors involving AstraZeneca (AZN).

Investors certainly enjoyed the ride up on Wednesday's news, but as always, it's probably a good idea to take some profits from the table in such a run. While recognizing the potential that a larger offer could turn up either from Bristol or another player, shares of Amylin are pretty fairly valued at this point in comparison to where any potential buyout would take place, as indicated by the BMY offer, and if a buyout does not pan out soon, then a retreat could be in store as the traders take their profits and go looking for another quick-mover.

Exciting story to watch, but don't end up chasing an already-ran.

Oncothyreon Inc (ONTY): Oncothyreon shares sputtered earlier this month after it became apparent that results from an going Phase III trial testing the company's immunotherapeutic treatment for non-small cell lung cancer, Stimuvax, would not be released until early 2013.

Previous expectations had those results coming this year, while some even further expected the trial would have been halted by now if results after independent review looked encouraging enough to move forward with approval based on what's been compiled so far.

Oncothyreon's CEO Robert Kirkman attempted to soothe the shattered souls of investors who may have expected too much, too soon shortly after the share price collapse by reiterating the fact that investors hoping for an early trial completion held "unrealistic expectations."

He also added that the continuation of the trial "should be viewed as a positive."

ONTY shares took another slide during the after hours on Wednesday after an announcement of a proposed public offering of common stock. The proceeds from the offering, as explained in a company press release, "will primarily be used to fund the development of PX-866, Oncothyreon's irreversible pan-isoform PI-3 kinase inhibitor, and ONT-10, Oncothyreon's proprietary follow-on vaccine to Stimuvax. Stimuvax, currently in a Phase 3 pivotal trial, is a vaccine for patients with non-small cell lung cancer and is partnered with Merck KGaA (MRK.F). The offering proceeds may also be used for general corporate purposes."

No amount was given for the offering, but those who may have missed the runup over the past year and wanted in before Stimuvax results may find the recent slide as an opportune time to jump in.

If Stimuvax results are positive, then shares should soar in similar fashion to how Dendreon (DNDN) soared after positive Provenge results a few years back, but understand the risk involved with investing in cancer immunotherapy. It's usually a good idea to take some profits from the table if you happen to be around for one of the speculative price runs.

Also noteworthy from Wednesday...

In anticipation of the May IPO, Facebook, Inc. has asked that its shares be halted on private exchanges...Cytosorbents Corporation (CTSO) hasn't announced much news of late, but with shares dipping to the low teens again, it could be a good time to pick up a few extra shares in anticipation of any positive developments regarding CytoSorb in Europe...Galena Biopharma (GALE) back to trading over two following a quick post-run retreat...Keryx Biopharmaceuticals (KERX) back under five...Sirius XM (SIRI) stuck in the $2.20s, although there's a lot of chatter these days about another run, although I'm skeptical.

Happy trading...

Disclosure: Long CTSO.

Contact VFC's Stock House: vfc@vfcsstockhouse.com

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