FB has crept above the down trend line. Since I am leaning toward a bullish resumption on the stock market I have got to think about the possibility that momentum crap like this may have led today’s mini market correction and may be trying to lead a new phase of speculation. Regardless, rules are rules. Loss would be very limited if this thing does not get right back below that line soon.
OncoMed is now up 126% today. I believe that the news was very good news and nothing like the boiler room style hype going on in Atrium last week (it’s crashed by the way). Still, the profit is now 145% and I’m taking the rest of it. There are enough questions in the Celgene pipeline acquisition news for me to call it fully valued considering the unknowns with cancer drugs that are still in development. Could be a massive home run one day or could be a dud. What it is today is a huge profit, booked.
Seriously, I don’t even remember where I found this one. I just liked the chart and some of the story related to this Pharma that IPO’d earlier this year, buying it as a potential tax loss/ January effect story. Well, this morning the story is much more intense.
Much as I thought the negative news in MYGN was over done yesterday, the positive news here does not look like hype, although I have no clue what the valuation should be. Of course there is no reco because I would never buy something after it explodes like this.
I had not gotten around to highlighting this one in NFTRH’s portfolio segment other than its inclusion in the portfolio, noted as a stock bull speculation. I hope a couple people took a look at it, although I am the first to admit NFTRH is not anything like a stock pick service. I am not sure if I am going to hold the full or partial position, or take profits. Still a little mind boggled, actually.  I did the ‘right’ thing for me and clipped a partial profit (88%) to get the position in line with other holdings.
I sold this one last week after buying it for its short term pattern formed in September and October. This after a good earnings report, which came after the company lost some patent protection on its products, which had put the stock under pressure originally. I felt sad when selling but took the profit in hand and had the thing listed in NFTRH 267′s watch list in the event of a future pullback.
I spy a leading market indicator that is turning back up again as the small caps broke down in similar fashion as last spring before leading the most manic phase to date of the now nearly 1 year old rally leg.
We used this situation as a warning not to get too caught up in any bearishness as the ratio may simply have been reloading the speculative juices.
By Tom McClellan
November 27, 2013
I was looking around at FinViz to see if I could find any interesting charts and I noticed the top gainer, Atrium Inc. at a gain of 80+%. I checked further and saw a tiny $13M market cap with a lousy looking website, post-reverse stock split to stay listed, post legal battles, etc.
I cannot believe SeekingAlpha publishes ‘fundamentals’ based articles on tiny stocks like this. How many times have their editors rejected my material because they want actionable stock picking and company fundamentals, not TA? A lot, that’s how many.