RE: Trading Activity
I cant see anything about this move that I dont like. From a charting standpoint, we broke above the previous (and quite longstanding ) resistance at 58 convincingly on high volume. That is a classic breakout move.... we have not seen these levels 60+ since May of 2005...
I think its healthy that we are seeing good volume again today and have established another new high for the year. I would like to see us close up to affirm the breakout on good volume... doesnt matter how much....
I am encouraged further that the relentless selling of ITG and Anonymous has dried up... this just looks like good healthy two way trade favouring accumulation.
Bottom line... very healthy move. The market is finally starting to recognize some potential here. I understand from a couple of trading desks that the institutional sentiment is shifting on PLI... and there is considerable buying interest.
I anticipate further accumulation ahead of the Blood Magazine article... Its going to be really interesting to see if they offer an opinion on the future of the drug, and specifically address potential etc.
I think the next resistance is 80-85 cents... then its a GAP to $1.10 ....
I understand the intrepedation, its well warranted, but as a few of us have been saying for a few weeks now... there's good reason that this time feels different.... and perhaps where there is smoke.. there finally truly is fire ... Timing is perfect for the company to surprise us with a really good deal or news....
I have not, and am not selling any.