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23 Jun

Watch List For Thursday June 23, 2011

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Probably going to be some good momentum trades on FCSC today. If you’re new this is a perfect example of how volatile biotechs can be even with a positive FDA approval. I’d say if it moves away from $1.20 give it a go and keep a tight stop loss at that level because it could definitely dip too.

RITT fell from about $13 – $7 back when I wanted to short it. Now it becomes a potential buy if volume builds on Wednesday’s session. Possible short too, but it needs to spike first and get farther away from support at $7 for the risk to be worth the reward.

How many times have we seen CHGS do this? Each and every time it spikes it proceeds to collapse which means I’m short biased here.

MOBI finally had the run I’d been looking for but my guess it’s only a series of large short sellers covering their position after hitting support at $5 and turning back up. I don’t think we’ll see $22’s anytime soon, ha, but there is plenty of room for the price to run from here. If things get sloppy again, I won’t hesitate to change my position and short it this time like I should have last time.

SNOFF is surrounded by problems, lots of problems, but what stock under $10 isn’t. For the last two days it has been squeezing shorts and attracting momentum buyers. Potential squeeze at the open or dip buy and play the momentum.

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