I side with the bulls. I had Imclone on my list of heavy insider buying to look into, & when the news broke on CNBC I was immediately curious. Then I see; 13 of 15 people had tumors eliminated, the other 2 shrank 50%. You just don't see numbers like that (I haven't in the last few days anyway, anyone else?). Unless the results are a lie of some fashion, I'd label that bullish. Among other things, the pullback only lasted a day before buyers moved in. That cinched it for me.
Some people have mentioned we have a news "gap"; I'm counting on that gap. All sorts of time for people to look into IMCL & accumulate, and you probably have 3 times the people who know it exists now (analysts, portfolio managers, & myself included), AND we get to rest on this nice bullish tone for a while. A couple more points & I'll take the standard chunk off the table, but I agree with the nice gradual uptrend theory, say into the low 20's in 6 months. It's when they actually have to post some results (or anything else that changes the tone) that you run into some risk. Very few stocks go straight up to a certain point, then flatline, making the word "accumulate" a well-used term on Wall St.
There's another heavy duty bullish situation brewing, which I'll mention in a couple days as soon as I'm done buying it. It was what I bought 2 weeks ago instead of Imclone. Has a nice, dead thread too. ID |
