MDMAI know there is a lot of excitement around this stock as there should be, the future looks very bright. However, I'm still on the side that it would be nice to see a healthy pullback due to the techncials still signaling overbought. That seems to be where we currently are with this stock, as selling pressure continues. In a previous post last week I did mention that remaining in the overbought technically when great news is dropped can be wasted and we saw that to a degree with the Mount Sinai news release. The Mount Sinai was incredible news, but the stock could not hold the gains due to the stock price being well into the overbought side of the technicals. The stock ran up while already in the overbought and the day traders hammered it down due to sell signals. So I'm good to hold around here as the technicals work their way down for the next run. The buying and selling of the stock is definitely retail. Institutional buys and sells would crank the volume into the 10's of millions of shares.
I know I'll get some word salad response from Mr. Chef-boy-r-dee for this post about being part of these day traders, but I'm not. I just want to see the stock get into a healthy position technically so news releases don't get wasted and the stock can hold the higher gains. And if I have a few extras dollars to throw onto the stock in a pullback, I will.