Ligand (LGND) Breakout! Message Board

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Biotech / Medical : Ligand (LGND) Breakout!

LGND 191.68

-3.3%

Feb 5 3:59 PM EST

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To: squetch who wrote (7559)	9/25/1997 1:06:00 PM
From: HerbertOtto	of 32384

The straight-up move to new 52-wk high @17 3/4 is nearly as good as a gap-up open. The rally peaked at about 10:10 EST. The ensuing pull-back has so far held at 16 7/8 .. 12:27 EST. The time put in at 16 7/8 to 17 over the last week along with the Jan 1997 peak of 17, and the corrective peak of 17 1/8 in July of 1996 may act as new support. As well, the mid-line of my intra-day trading bands was at 16 3/4. With this in mind, I decided to add 1/2 of another position at 16 15/16. Save the other 1/2 for either the Break-out or the Shake-out. I agree the high expectations are justified. But the source of buying $ comes from one of: Short-covering, new money from the choir, new choir members, or short-term traders. My only source of nervousness is in not being able to find any bears. Converted bears are always best. With expectations this high, LGND had better come through. I find myself uncomfortably but happily situated among a herd of bulls. All that sentiment stuff aside, LGND is now poised for a run at the all-time high at 19 3/4. Watch for good volume. Good luck to us all. Hopefully we can all laugh at these silly nerves from a perch at $100 - like AGPH(pre-split).

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