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Strategies & Market Trends : Ask Vendit Off-Topic Questions

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To: Walkingshadow who wrote (5639)	3/1/2005 7:50:19 PM
From: Walkingshadow	Read Replies (1) of 8752

Well, there was indeed a dead cat bounce for BIIB today, but ELN was a dead cat splat. Message 21090250 I thought about buying both, but flipped a coin between BIIB and ELN and went long BIIB at the open. Good thing for that, because evidently the strategy of the day was to go long BIIB and short ELN. Besides hedging the bet, ELN is in worse shape financially than BIIB, which is basically solid no matter what happens with this drug. Consequently, BIIB traded up close to 7% on the day, while ELN gapped up at the open, but traded steadily down all day as shorts took up positions. For both, volume was huge again---over 10 times normal volume. BIIB: 139.142.147.22 139.142.147.218 ELN: 139.142.147.22 139.142.147.218 That volume bodes well for the BIIB long, but eventually it will fail as it drifts up into the gap some. If it rallies into resistance, it could make a nice short. ELN will bounce soon, but BIIB looks like the better trade to me. T

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