Well, that was a lot of work for not much gain. Traded 8,800 shares to make $118 before commish. 21M traded and the float is 23M, so I think it was/is mostly daytraders crapping around waiting for a big move; that's what I was doing. $3.60 cash per share and it traded for around $6 in '04, Looks like it should be worth $4.50, but maybe not today.
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Black THURSDAY For Rnvs - 75% One Day Loss!!!
- Thread starter eagle488
- Start date
I think this was a pure gut play. I got my first trade in at 9:15 and the volume between 8 and 9 AM was already 8M, so I assumed the shorts covered.Quote from eagle488:
This is a good time for me to monitor this situation with the different indicators to see how I would pull off this daring trade.
I have the chart up with the Bollinger Bands, RSI, MFI and momentum.
I can see the downtrend in the early morning and then see where I could have entered in a little before 10:10. My guess is that the shorts probably started covering around that time with the volume kicking back.
My error was I wasn't serious about the trade and got in only 200 and then 200 more. In retrospect, I should have done one buy of 800 shares for the 3.52 and got out with a little more patience and netted $200.
fundamentals may have something to do with this, I'm amazed no one either cares or has chimed in. This stock is based entirely on a binary event. Lots of work done to figure out that this thing was a likely dog, but if the bibnary event/trial was YES, it blows up on you as well, to the upside...
It's a stroke drug, and no stroke drug has ever worked. Ergo, a collapse of 75%. It might come in handy to understand the trials behind this instead of looking at a chart.....
just my two cents. It used to be 8 cents...but then I went long RNVS (joke..)
It's a stroke drug, and no stroke drug has ever worked. Ergo, a collapse of 75%. It might come in handy to understand the trials behind this instead of looking at a chart.....
just my two cents. It used to be 8 cents...but then I went long RNVS (joke..)
Quote from max401:
I think this was a pure gut play. I got my first trade in at 9:15 and the volume between 8 and 9 AM was already 8M, so I assumed the shorts covered.
My error was I wasn't serious about the trade and got in only 200 and then 200 more. In retrospect, I should have done one buy of 800 shares for the 3.52 and got out with a little more patience and netted $200.
yeah, shud have bot a boatload of shares, but i got hurt a few times on these kinda moves...an add on wouldnt have been a shabby move tho...
No, this is mostly a pure technical event with a little crowd psychology thrown in and a little fundamentals, as far as a trade goes. At 3.52 the risk was minimal imo. Look, it's at 3.94, I wonder if it hits my $4.50 prediction. I'm not a player, however.Quote from kjsnow25:
fundamentals may have something to do with this, I'm amazed no one either cares or has chimed in. This stock is based entirely on a binary event. Lots of work done to figure out that this thing was a likely dog, but if the bibnary event/trial was YES, it blows up on you as well, to the upside...
It's a stroke drug, and no stroke drug has ever worked. Ergo, a collapse of 75%. It might come in handy to understand the trials behind this instead of looking at a chart.....
just my two cents. It used to be 8 cents...but then I went long RNVS (joke..)
so your telling me a failed drug trial that is the entire basis of the valuation of this stock isn't important? No? Wow.
Remind me to chime in more often....have fun with your candlesticks. I really hope the Elliott Wave can explain your next biotech blow up.
Egads.
Your factors may be important on the rebound, but the catalyst wasn't exactly a failed trendline. Sheesh!!!
Remind me to chime in more often....have fun with your candlesticks. I really hope the Elliott Wave can explain your next biotech blow up.
Egads.
Your factors may be important on the rebound, but the catalyst wasn't exactly a failed trendline. Sheesh!!!