Not to be a Debbie Downer or anything because these past few weeks have been great but you have to admit volume never lies. When you look at our volume we only did 790k shares on friday and we finished way overbought in terms of fast stochastic, williams %, RSI and the ultimate oscillator. The last time this happened was 5/30/13 and we saw a good pullback. I know we have AA RAPIDLY approaching but what do the intelligent members of the group think? Those who actually can look at this objectively.
in reality, volume has no idea what it is talking about in certain instances, like this one
this is a bio in binary wait mode
nobody knows if the binary event is good or bad, but EVERYBODY knows it is coming, and those who can be "objective" should know that such binary event could literally come at any time now, and if not now, then at the longest, the end of August
that is a blink of time for the biggest binary event in the history of a small biotech
there are no volume or technical rules here now, and based on my experience, there will not be any, until after the event is publicly disclosed
the stock could go to 50
it could pull back to 40
its just a wave in the sea
the only thing that matters is what the FDA will do
you want volume to never lie? then wait for the news and you will see volume like never before, up or down
you want reliable technicals? then watch the follow through on the stock, up or down, after the initial move on the news
I think it's safe to say this stock is moving on fundamentals much more than it is on technicals right now. There will likely be some sort of pullback, but I wouldn't expect it to be significant, with the exception of a major unforeseen bear raid. Any pullback will likely be very short-lived.
We're in a special situation. You have to look at this on a longer time scale. Almost all who bought since October feel they're being vindicated and their big vindication is in sight, so they don't want to sell. There are few shares available in the market. So volume will stay low until news. We're not overbought at all; we're actually oversold because the main sellers so far have been short sellers and they've been selling our shares. The time for them to pay the piper is near...