Tuesday, September 8, 2015

Sept 8.

Market was on a tear.   ...

 good because I called B.S. on Friday's pre-holiday plunge and went dip buying.   I realized I was too aggressive for market conditions so I lightened up the position today for decent $

Today's best buy... MPO

Although I saw the daily fishhook I didn't take it on Friday...  so If you miss one time frame go to the next... again a fishhook this time on the hour.  I bought the expansion and got a fantastic run to the close .. sold off half @7.20

CVT: This one held well through the market volatility back in 32.99

Finally,  TTPH get's destroyed post market.  off 80% I started buying in the 9.40s up to 9.70s.  These types of mean reversion trades can be tremendously profitable for several reasons.

SSR prevents shorts from piling on?
Who is left to sell?
News was bad? but is it that bad?  company still has a pipe line and 6.65 in cash.

Ignite 1 study was positive for Intra-abdominal infections
Ignite 2 for UTI .. was a total  failure.

It seems like there is a total disconnect as often happens post market.  Expect analysts comments over next couple days announcing disappointment and cutting price targets to $20s but comments that sell off was too much.

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