Well, today stinks for me so far – – I guess One Day is all the Powers That Be are going to give us, eh? Disgusting.
There was one bright spot early on, though – AMLN. I've been watching this chart for a long time, and I really like its long-term pattern for a short setup. Take note of the circled area where it retraced a part of its big fall.
Its behavior on its ascending trendline the past couple of years had recently grown quite "fuzzy" (e.g. having difficulty staying cleanly above it), and I entered a small short on it yesterday (similar in size to yesterday's wreck, INFN). I was surprised this morning to see it was down 50% pre-market, but I assumed a data provider had simply missed a 2-for-1 stock split.
Looking at the volume, however, made it clear this was a true plunge in the stock.
I covered this position, and that was pretty much the high point of my day (Euro strength wrecked it after that).
At least fundamental analysts were as helpful as ever on AMLN – 11 "Buy" and "Strong Buy", 9 "Hold", 1 "Underperform", and – as is the law on Wall Street – 0 "Sells".
