Well, that was a lot of work for not much gain. Traded 8,800 shares to make $118 before commish. 21M traded and the float is 23M, so I think it was/is mostly daytraders crapping around waiting for a big move; that's what I was doing. $3.60 cash per share and it traded for around $6 in '04, Looks like it should be worth $4.50, but maybe not today.
ror, we got in together, got in premkt with 500 3.50 out @3.92. [4ticks off the highs] huge return on me money, 220 bucks on $1750.
I think this was a pure gut play. I got my first trade in at 9:15 and the volume between 8 and 9 AM was already 8M, so I assumed the shorts covered. My error was I wasn't serious about the trade and got in only 200 and then 200 more. In retrospect, I should have done one buy of 800 shares for the 3.52 and got out with a little more patience and netted $200.
fundamentals may have something to do with this, I'm amazed no one either cares or has chimed in. This stock is based entirely on a binary event. Lots of work done to figure out that this thing was a likely dog, but if the bibnary event/trial was YES, it blows up on you as well, to the upside... It's a stroke drug, and no stroke drug has ever worked. Ergo, a collapse of 75%. It might come in handy to understand the trials behind this instead of looking at a chart..... just my two cents. It used to be 8 cents...but then I went long RNVS (joke..)
yeah, shud have bot a boatload of shares, but i got hurt a few times on these kinda moves...an add on wouldnt have been a shabby move tho...
Sorry, I turned away for 30 minutes but just noticed it hit 3.9. So if you got in below 3.7, 5-6% gain. That does make sense that the shorts will cover at some point in the day. It is a risky move. These selloffs tend to be very unpredictable, but very worthy to study.
No, this is mostly a pure technical event with a little crowd psychology thrown in and a little fundamentals, as far as a trade goes. At 3.52 the risk was minimal imo. Look, it's at 3.94, I wonder if it hits my $4.50 prediction. I'm not a player, however.
so your telling me a failed drug trial that is the entire basis of the valuation of this stock isn't important? No? Wow. Remind me to chime in more often....have fun with your candlesticks. I really hope the Elliott Wave can explain your next biotech blow up. Egads. Your factors may be important on the rebound, but the catalyst wasn't exactly a failed trendline. Sheesh!!!