zerohedge had some blog posts on what happened. Basically liquidity dried up, and market orders were executed with very few bids or asks in the queue. NAV couldn't be calculated because some stocks hadn't opened. Don't be surprised if it happens again.
I was short from $119, covered at $72, so I was happy to see the drop.
I did the same. The only thing saving me from a margin call (for the moment) is hedging my my position with a FBT short that I covered at the open on monday. Tried to re-short FBT yesterday but Fidelity said there were no shares to short. Wednesday could be ugly.
I only said small part of EXAS selling...that said, volume in FBT on Friday was 5x normal...today is shaping up to be 3-4x...I wouldn't call that light. EXAS had above average volume on Friday and is on pace for that again today.
Small part of EXAS selling is due to liquidation of this ETF, of which EXAS is a component. Hedged my EXAS position late last week shorting FBT at $119. Covered today at $72. Not a bad return for 3 days.
LOL on Fed rate hike. I got news for you - when everyone realizes that the Fed can't raise rates because the economy is too weak, it will not be good for stocks. The BTFD'ers are going to get their faces ripped off this time.
I agree a pop will come on #2, hopefully that comes in the next couple of weeks after a new low below $21.90, where it can trigger a MACD divergence. It feels like it is setting up for it.
"If the cyclicals ever snap back on 3-4% GDP growth"....LOL, if your thesis is correct, I would say that EXAS and biotech are in for extended period of outperformance!!....at least until QE4 rolls around.
geez, idk, maybe 3Q tests completed?...a number near or over 40k will really springboard the stock higher...maybe not $40, but close.
trader - I read it and i agree. trader.....here is my 2 cents. I think some of the anxiety some longs on this board might be feeling is due to the fact that they sold "trading shares" in the 30's, and then bought them back in the 27-28 range. It is only natural that these people would feel negatively towards the secondary priced at $25.50. This anxiety stems from the fact that most (including me) felt that $25 was the floor, and there was no way we'd ever break through that again. I suppose there is still a chance it might hold, but it feels like it want's to break lower. I seriously doubt $20 is in the cards, but $23-$24 is certainly in play.
I'm one of those that thinks only a modest bump is coming from USPSTF, but assuming it comes as we languish around $24-$25, it will strengthen the support we have at these levels. However, I do think it sets the stage for a slow grind back towards the all-time highs. The explosion comes if 3Q test volume blows away the 32k guidance. A number in the high 30's, and the stock price likely reaches those same levels, assuming we have the A rating in our back pocket by then. At that point, the bears can no longer move the goalposts. Their only hope would be that EXAS completely fails in their attempts to develop other tests. But even with just CG, we all know where the stock price is heading.
Trader - I'm generally on board with your line of thinking but I think you are off on this one. IMO, USPSTF is largely baked in. I don't think a single analyst on the street doesn't have an A rating as their base case. We might get a short term pop, but the news won't drive us to new highs. Also, KC has been pretty consistent in his thinking that it is better to raise money when you can, not when you have to. Just like past secondaries, I expect a rally off tomorrow's low. Unfortunately I added near the close at 26.81 today, but will gladly add more in the $25s tomorrow.
hugh, they addressed IBD on Investor's Day...they are having trouble enrolling the number of patients that they were hoping to, hence the delay in news on that front. I believe they said that they were going to go back to the FDA to revisit the trial design...I think they targeted year-end for an update on IBD.
50k seems like a bit of a stretch, 40k should be enough to propel the stock to new highs, unless we are there already due to USPSTF.
In trader's defense, he keeps pushing it because people keep asking him for it. Somehow, he is perceived at the TA guru for this board. I'm not bashing trader at all, as I happen to think his posts are reasoned and well articulated, and generally I agree with him. He is simply responding to a handful of posters that are too lazy to think for themselves.
Doesn't seem like either. Volume at around 3:50pm was around 1.8M, and it printed 7.2M, so it seems like an arranged trade on the close, as the price barely moved. Could be a short re-entering a position selling to a window-dresser?
In the past, an event like yesterday would allow the shorts to drive the pps down 20-25%...it's holding up pretty well so far today. Another day or two over $30, and I think the march higher resumes.
eric - there is no other way to interpret the news release. They said they completed 21,000 tests in Q2. End of story.
KC stated what I suggested a few weeks ago - that years from now, EXAS will be synonymous with the early detection of cancer - another point he kept driving home today. I'm hopeful that he was setting the bar low with respect to the 5 year timeline for all of the pipeline tests, it would nice to get one of them to market sooner than that. It'll be interesting hear the game plan for the pipeline later this year.