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Biotech / Medical : Arena Pharmaceuticals (ARNA) -- Ignore unavailable to you. Want to Upgrade?

To: Biotech Jim who wrote (1862)	10/23/2013 3:11:40 PM
From: wolfgangrene	Respond to of 2274

Yes, probably pincers. lol. PPO or MACD/ADX convergences. Basically a reversal indicator. It can be temporary or a true bottom. These pharma stocks aren't bouncing hard. Maybe it's the market. BIOS is a poor example but little double bottoms are some times in order. How I play most of these is by buying calls. And buying at the precise bottom. My ideal trade is to buy calls, sell half at 200%, then play the rest by ear. Next be line of resistance? There are some rules. The SP will not rise if the ADX doesn't drop. It just won't. So when you see a chart like this, you wait. I think this is just hitting it now. ADX+DI about to cross up 10.

To: Biotech Jim who wrote (1862)	10/23/2013 3:15:44 PM
From: wolfgangrene	Respond to of 2274

Here is another one. GMCR. I think it turns as soon as it fills the gap at 59.48. The 2 squares show the ABC down target. It getting close. I scan for these, setiing my scans to find them before they turn. Then I wait.