gbolt, I'm not a technical analyst so why do you think low volume and stable price will lead to much higher prices later? I sold back down to 23000 shares yesterday, and now I'm sitting with 27300 shares. Can't say that I'll have more than 23000 at the end of the day. It still looks to me like very careful short covering and accumulation is going on here. In 5 weeks or so we could have a big move up on positive earnings announcement. These big moves up seem to usually be followed by a partial retracement. I like looking at the charts from stockcharts.com. If you look at the accumulation/distribution feature you can see that if you ignore the big spikes up on earning announcements (such as the huge one the quarter before the SLXA merger announcement) there has been a very nice almost linear accumulation going on since January 2006. Comments?
Sure looks like there's a whole lot of very careful short covering and accumulation going on this morning. Some big guy has a really good trader on the computer this morning. As for me, I'm now back up to 25,500 shares. Can't say I'll hold these new ones long, but since I sold all the ABI and CRA, and since we have this nice little dip, well...no guts, no glory!
I guess it's more of a sector thing than anything to do with ILMN specifically. VRTX, another of my holdings, took a similar 6%+ jump today. Both stocks had been drifting way below their highs in recent months.
Marketwatch released something today an ILMN was part of their strong buy recommendation but I don't know if this was the reason....I edited the press release cause I can't go over 400 characters but here is the relevant stuff:
Take advantage of these bargains in the biotech basement
Marketwatch - June 27, 2007 2:16 PM ET
The Biotech Index (BTK) is currently the weaker of the five (with the Dow Jones Industrial Average, Nasdaq Composite, Standard & Poor's 500 Index and the Semiconductor Index making up the other four) but we believe now is the time for investors to step up and take advantage of some of the bargains currently presenting themselves in the biotech sector..............<cut>
Finally, to round out a nice basket of biotech bloomers, we'd also encourage investors to add smaller pieces of Affymetrix (AFFX), Illumina (ILMN), and Luminex (LMNX) to their portfolios as well.
These three companies all design and manufacture systems used for high-throughput genetic sequencing in a variety of commercial and research settings. When owned as a basket of stocks, they represent our modern-day application of the old, "Wanna get rich in a gold rush? Don't pan for gold -- invest in the companies making the shovels!" approach to investing.
Over time, it would not surprise us at all to see one (or more) of these companies get bought out by a larger rival, but at the current time, we believe there is still plenty of room for all three to grow and prosper before the industry is forced to consolidate. The "strong buy" and "buy" limits, respectively, for each of these stocks are:
Illumina -- $36, $42
Affymetrix -- $25, $28
Luminex -- $15, $18
Nate Pile edits the Nate's Notes investment letter and NotWallStreet.com. He also manages the Elensius Capital hedge fund. Through the fund and personal accounts, Pile and members of his immediate family hold long positions in Celgene, Martek and Apple. (notwallstreet.com)
Content found in The Guru's Corner is subject to the terms and conditions found in the Disclaimer and does not represent a recommendation of investment advice. Investors should seek the advice of a qualified investment professional prior to making any investment decisions. (disclaimer)
Darn, got caught with only 20,000 shares going into this move. Oh well. I'm hoping the 8500 shares of ABI I picked up yesterday and today will now move forward. Trading up days? Who knows if any of the speculation of the previous couple of days is on target? Lunatic? Perhaps, but a wealthier lunatic today than yesterday!