We had a profitable day today in every aspect of the word. Onxx pharmaceuticals gained 97% based on Nexavar, their Phase III liver cancer drug, which was stopped in order to get immediate approval. Here are two articles that sum it up: MSN & TheStreet. I will sell out of my position and I suggest the same. I bought Onyx based on technicals as quoted from my Jan. 2nd post:
Far be it for me to pick a bottom, but we do have a candlestick connoisseur’s doji star, coupled with a solid positive MACD.
It did end up a bottom, but this recent jump has nothing to do with technicals. The fact is I got lucky. Onyx could have just as easily found that Nexavar created a bad side affect, and it would have gotten hammered.
I don’t buy based on speculation, and I especially don’t hold based on it (some are saying to hold because Bayer may buy out the company).
A weekly chart shows resistance around 26, with a newly overbought RSI. This is somewhat negligible, however, as technicals will probably not drive the stock in the coming days.Pigs get slaughtered, so please be prudent. It’s not everyday you can say you doubled your money. Today is just our day.
If you bought Onyx Pharmaceuticals when I suggested at 10.70 then you would have a 125.70% gain.
-Chris
2 comments:
Chris all you have to do is copy and paste excel sheet into ms word. Then from word copy and paste into blog.
In word excel sheet becomes a table.
P.S.Good call on ONXX.
what happen to the drop for onxx. My @24 short is bleeding me. Is it doing a 2000 on me ( $10-58 )I dumped 50% of short last week. 16th..Should I hold. What is the correction low, if ?
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