I agree, $34 is a slowing point, I was talking bigger picture, $37 will be a bigger challenge. Right now it looks like we are headed to try $34, there is nothing between $31 and $34.
Technicals and common sense say so. We tested as low as $26ish, only found by looking nearly 10 years back; $30 was a big test also; now support it seems. If we break and hold $31 that becomes support and it is clear sailing until $37ish, which is a major support I thought it would hold upon the initial drop last week. Long VRX, been buying based on technicals all the way from $37-$27, in the red for now. The obvious end to this story is that they file the 10K. It is not clear what the business will do in the long term, we just know it is not as bad as the shorts say it is. The bulls are quiet for now, they need facts. The shorts do not. My prediction is that we see a big spike close to $50 when the 10K is released.
I think the market will punish VRX to about 50% from last big move at end of Feb which left it in the $65 range. So $30-$35 seems about right. It might take 3 days....
And they also have just as much debt. I avoided TLOG, but bought EBIO and CBYL, both which have zero debt and are trading for 1/3 their cash.
While the previous 3 days were pricing in the "old" bad news, the "new" bad news was just yesterday, so there are two more days to go. It always takes 3 days. Sure, you may be a skilled enough trader to pick the absolute bottom tomorrow or the next day, but usually you can buy at a reasonably safe bottom after the 3 days of selling for the long term hold.
closed it out at 67,more profit than I expected in one day. Upside still likely but happy to take profits and run.
in for half of position at $62.10, will close out on a bounce to low 70s in next 10 days
Some bad news is priced in, and there will be value buyers. It may only close -15% tomorrow, after opening -40% in the AM. Will be a buyer down there for long term. Need to buy at cash value with discount to price it will take to run a new trial.
amazing it is not tanking in AH yet, sell your shares for above $4 while you still can...