What sort of odds will you give me on that one?
100%<ggg>
This stock was shorted heavily since probably before the double top on lower volume on 7/12/00. If not before, than most certainly on that day and immediately following like crazy... and it's headed back down to it's (surprise) 200 DMA at 20.23 where it will overshoot and fill the gap.
A Fibo re-trace will put it in the area of of $22, but the selling and shaking out of weak hands will probably get overdone...
I'm not sure what you see that is strong in the CEGE, ABGX, or for that matter the biotech index charts... ABGX doesn't need to go to 36, $45 or so should do it<g>
siliconinvestor.com
The biotechs have proven before that just because they sell off, it doesn't mean they can't go lower. The earnings run is over.
And FWIW the market looks weak too...
quote.yahoo.com^VIX&d=5d
cboe.com
(this should update in a little bit, my guess says lower)
Believe me, I'm a big CEGE believer and shareholder, but that's why I didn't buy on the last rise...because I knew I would get another chance at $20. The only thing I regret is not selling at 34, but that # will be a distant memory in a year or two.
I don't care what anybody says, The gaps always fill...
including both the monster one at 3582.50 on 6/1, and the glaring opening @ 3251 from 5/26 on the compx...
Best Regards, and good trading.
John Madarasz |
