Could come tomorrow or next week. It's great that market is running but I think a hiccup correction is coming.
I'm out of long positions, and started on put option plays.
These things fall for 3 days usually. Look for $6 or below this week.
I think XOMA is dropping to $5.50 to $6.00 area this week.
Should see short squeeze at $8 and $8.50...
What does that tell you about this company?
Their business is to release catch PR...nothing more.
If you don't know the answer, you need to stop trading.
After a dismal report with possible BK filing within 12 months, institutions have no choice but to slowly dump their shares, and only buyers are small individual traders.
This is going to continue to fall for few days as institutions slowly dump their shares.
Wait at least 3 days before consider buying when you see a big drop like this.
$8.50 was hit...now the goal is to close around $8.70~ish, and over $9 this week.
Should rise to $8.50 to $9.00 this week
Call option is working great at the moment.
But its OK, if it dips to near $5...I'm a buyer again.
Just glitch in Ameritrade...that's all.