Remember Ive mentioned that the market hates, high and ultra-high volume up bars. Weakness is seen in upbars.
Two days ago when the average volume doubled or tripled from the previous 11 days, when SPL changed direction and headed north. But only closed 2 cents higher, should have set your spider senses tinglinging. This was most likely headed lower, The next day it dropped but the guarantee today was when it broke below the low of the high volume bar, and then it just fell away.
No demand, this is headed lower and we know from the previous history it always runs up for 10 to 14 days before the announcement.
So while I'll admit that nothing is ever set in stone. I'll predict no announcements for some time and when you see the SP turn again, look for about 12 days to an announcement. Hope Im wrong, but the last days action pushed me out.
I also noted another poster came on here, extridus or something like that and said how they are in two other biotech shares, I looked at them and both them are in a downtrend as well.
Don't forget sectors have runs just like shares, what does the entire biotech sphere look like, what have the majority of those shares done since Xmas? Sometimes it has nothing to do with the individual share but the entirety of the sector. Is the entire sector on the nose at the moment?
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