That's BS right there.
I have looked at the 5 year chart. ARNA is trading well over its long term line of resistance and the low 4's back filled to that line... exactly.
Good luck to you with whatever you see.
Let's do some math.
Let's pretend that every short sold their borrowed shares at 13.50. All 65 million shares got sold at 13.50.
And, let's say the average short had sufficient margin to handle a 100,000.00 short sale. Ie., they shorted 7407 shares at 13.50 and ended up with 100K in cash.
Where ARNA sits today, at 5.60, shorts are looking at paper gains of 58,521.80 less what they have been paying in interest... let's say they got a good deal and paid NOTHING in interest.
Now, let's extend the same benefit of the doubt to longs. They all bought at the bottom, call it 1.25. A long took 100,000.00 and purchased 80,000 shares of ARNA. Today, at 5.60, that investor is looking at GAINS of 248,000.00.
248K with 100K at risk versus the short's 58.2K.
248% return versus 58% return.
Who owns who... exactly?
Over the last 13 weeks, ARNA has been DOWN on 6 Fridays and UP on 7.
But, why let the facts confuse you?
It's foolish to believe that anyone would listen to someone who has a 2 day old posting history.
BTW, what you said is just another way of stating that ARNA trades on it's own. Otherwise, why would it go down in an up market? It does not matter WHY it did this. It only matters that is DID go down when the markets were up. That makes my point. ARNA is not closely associated with the broad market. It has, and likely will continue to trade based upon its own fundamentals.
Biotechs, in general, often run contrary to the overall markets. I have seen that for many years.
Does not matter. ARNA has a negative beta and tends to be a good hedge in a down market.
Think about all of that blue chip money just looking for some place to go...
Hold on a minute. What is it about being a little light-hearted that would tell you or anyone else that I am not intelligent? I will go head to head with anyone on this board when it comes to intelligence.
I would bet 1/4 of my ARNA shares that Kenan Thompson is in rehearsals right now for an SNL skit...