I am long, but concerned and confused! We haven't been in this range since August! It's gotta be manipulation. We were higher on this based on current sales. Thoughts anyone?
My take on the huge volume and volatility is that it's simply fund managers repositioning themselves for the Adcomm based on their risk tolerance levels and fiduciary responsibilities. Some may have turned risk adverse due to the potential of an upcoming debt limit default. Those shaving a million shares from their position are driving the price down simply due to a lack of buyers. It's no accident that the selling began at 7.39, which was a test of the short-term resistance level based on technical analysis, but it's no statement about possible Adcomm outcome.
Sentiment: Strong Buy
Forget Adcom, pumper, bashers.... bashers including Goldmanzucks, those jolly guys who list some Bil$ time ago.
The market is collapsing.
And as I am involved still into this thing, I can really say..... Govmnt working-style reminds me FDA working-style.
Not only is it manipulation, but they sure are doing a fine job at it, too. I'm looking to sell some other holdings and buy more, thus disobeying the golden rule about to many eggs in one basket. Yes, I think we are trading lower then current scrip sales growth.
I think if you have a level 2 view or better then you can see the types of trades taking place, I would be willing to bet there are thousands of 100 share sales taking place to facilitate the downward tick. While anybody who want to buy in typically buys in larger lots. If that isn't manipulation I don't know what is. Who has over 100,000 shares or borrows that many shares and only sells them off in 100 share lots at a time?
it is so hard to tell with the entire sector rotation out of Bio right night... just look at the IBB over the last 3 days.. everything is getting crushed... coincidence with ADCOM coming up or a precursor of what is to come? not sure but the weak hands are getting out and the strong hands ( myself included ) are holding on but getting weaker...