Listen folks...We are seemingly forgetting that we hit a new HIGH TODAY at $12.55. More than likely caused by some aggressive short covering. $12 was the price target of a few firms, including ML. The stock was very NT overbought. Traders used the opportunity to sell and lock in profits. When the stock faltered it brought the shorts back in to drive it down to the mid month $11.50 support level.
We should frankly hold that level then gradually move back up. Volume was fairly heavy today. Quite a few other biotechs got hit today including TSRX's little brother...DRTX...which was down even more at -8.15%.
Trees don't grow to the sky, and I'm sure Beaver can relate to that analogy!! Keep the faith...GLTALs
Well, that all sounds good however, "technicals" aren't what happened today. Technicals didn't predict that TSRX was going to have 19 strait days of being green. I made a lot of money in the last 3 and half weeks, today was nothing more than WS pounding down the stock so they can cover the 4 million short they had on the very day this stock started going up every single day.
Retail wasn't playing the shorting game and I'm guessing the "big boys" continued to short waiting for the sell-off that never came and the stock got away from them. This is just manipulation to lessen the losses. We went up on no news to the tune of 36% and today got a 5% haircut on no news. They call it profit taking but it's really manipulation as I don't think any long sold to "take profits" as there is a lot of meat still on the bone. Same reason the this board was pretty quiet for the most part until yesterday when Popeye and Kelly started ruffling feathers.
I'm guessing WS will raid this again for a couple of days. I hope that isn't the case as today I was looking for a PR to raise cash that never came. So, that is my theory anyway.
You know "nowwhat"....Reading comprehension is a wonderful tool to have, so you may want to go back and re-read what I posted. I said the drive to the high today was more than likely from short covering and not retail buying. When the stock stalled, the shorts came back and hit it hard again near the highs and drove it down more than a point off the high, where it closed. They may well hit it hard again at the opening tomorrow in an attempt to induce a mini panic of late to the game, weak handed longs, who are worried about giving back all of their profits. 11.50 is simply a near term technical support level, nothing more.
Technicals certainly didn't drive the stock up, but media attention sure helped, and there were other factors like short covering, rather than news, that carried us to new highs. If we can consolidate at these levels I view all of this as a positive as once approval comes I think we're taken out before the end of 2013. IMHO of course.
So you think they waited till this exact moment after 19 days to figure out they should cover? That makes little sense. They were probably covering all the way up. By the way why do you insist on some cash raise? That was already done in the cold winter and the stock rose on that news.
Sentiment: Strong Buy
"trees don't grow to the sky"...they do when you live in northern California. Had a cousin who wore out all his teeth trying to fall a giant redwood. Decided to move in and make it his living lodge instead.
It did surprise me to dip below $11.50 today.
$11.50 is a good support level. Tell all the critters not to jump out of the pond and accidentally get run off the cliff on the other side. It is a little ledge, no room for a stampede.