Tough day for Bill Ackman with Valeant down 45%. Good, I say. I'm tired of these billionaires manipulating the market and thinking they can get away with it, so it's good to see their actions blow up in their face some times like this. He's probably also red in his other big positions, in anticipation of fund redemptions or margin calls forcing him to sell.

That said, the down move in VRX is surely excessive at this point. I'm nibbling here at low $38's.