Since my posts on price seem to always unleash an avalanche of strident posts, its probably worthwhile to explain what types of patterns I look for and why I look.
As most readers of this thread know, I recommend LGND as a long term play. It's anticipated "breakout" has taken far longer than I expected, which I think is due in part to the sector overall, and in part to the fact that many Biotech milestones seem to take a bit longer than anticipated.
While waiting for the long anticipated "breakout", unusual trading patterns sometimes emerge. When they do, I like to look at the tape to gain some insight into who is doing what. I thought that the Tokyo Mex rec would generate some interesting patterns, which I have noted over the past several days.
The recent move was actually kicked off by the dip that I described previously (to satisfy some a below market big boy buy). It looked like an accomodating dip at the time (MMs dropped the price below $11, took out a slew of stop loss orders and then filled a big boy buy at 10 31/32):
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After that, the price and volume has risen steadily, fueled in part by the Tokyo Mex rec.
As I've said many times before, this really isn't my area, but I do like to analyze data, and my comments are based on the analysis. Others seem to ignore the specific data and simply make generalizations (the price goes up when there are buyers and it goes down when there are sellers).
I look at these boards as a place to exchange information, and I'm always interested in learning something new. I'll go through some of my perceptions, and maybe some intelligent responses will happen (but based on past responses, I'm certainly not holding my breath). |
