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Ariad Pharmaceuticals got firedbombed this year, losing about 90% of its value. It has bounced heartily since its bottom, but judging from the Fibonacci retracement levels, I think the bounce might be nearing its end. This is a fairly high-risk trade, but I plan to enter a small short position on Monday morning, assuming I can find the shares.
As I stated in “Part One” of this series, the issue I believe that will determine whether or not bumps in the road will remain just that. Or, will a now complacent financial market realize not only are the gauges faulty but rather; will not be able to give any advance warnings other than an “idiot light.” For as anyone familiar with cars, once the light goes on – the damage has already happened. (more…)
The new year has certainly been an unusual one for me thus far, since the two days we’ve had of 2014 both put me at a great distance from the action. Typically I am surrounded by eight monitors and have my pulse on everything. For January 2 and 3, however, I was down to two little laptops and spent the vast majority of my time completely away from them (which can cause a bit of anxiety, but it’s not too bad as long as my stops are in place). (more…)
Well, I am now in New Hampshire, safe and sound. I appreciate everyone’s patience with my travels. As I’ve said repeatedly, things will return to normal, such as they are, on Monday morning.
I wanted to talk a bit about Apple, which has been dropping hard lately. I certainly am no permabear on Apple. Back on November 14th, I told my Slope+ readers that I felt Apple was headed to a “triple nickel” price figure (which it did, and a bit more), and on December 2, I suggested it was time to take profits. I personally don’t trade AAPL much myself, even though it’s one of the most heavily-traded instruments on the planet. (more…)
