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Never apologize for taking profits. That being said, it is always a little tough to stomach seeing what you missed out on. There is seriously no way you could have known this was going to happen so just be happy you made gains on two separate occasions. That beats a loss any day.
Well done! I am picking up some $100 weekly puts at the first sign of weakness tomorrow. Those are likely to be good for at least a double.
In at .022 out at .0279. I will take that any day!
This looks set for a test of 24.50 tomorrow.
Or, that could have been one last headfake before heading back down. Tough to tell...
This strong rejection of the previous 100 day low makes me think this is a reversal. Whether it is short or long term, who knows, but it does look headed back toward 28. I guess its time for some pants, because it is no longer shorts weather.
This headfake takes us up to 25.18 ish before the bottom falls out tomorrow.
Next level to test is 24.74. This is shorts weather!
Just picked up some 24.50 weekly puts. $$$ by Friday if this tests that level!
Next level to test looks like 84.72.
I don't really care which direction this stock goes as I am trading it, not investing in it. It just moves so dramatically that money can be made very quickly here. It is my opinion that the dramatic rise in price occurred a little too quickly to be sustainable without the price at least briefly revisiting the level where the breakout occurred.
I could be wrong, of course, but just about every stock I have followed or traded has gone back to test the area of the breakout. I am playing those odds with a small position of put options. If it happens this week, I make a lot of money with very little exposure. If not, then I lose a couple hundred dollars in premiums. I just would not take up a large long position in this stock until it retraces at least to the low 70s if not the high 60s. At that point, I WILL take a long position as I believe this will head back up north toward 100 and present some very solid gains, although I believe the second time it heads back toward 100 from 70 it will do so a little slower than it did the first time. But the second time, the gains are likely to be held.
But hey, if my crystal ball was 100% accurate, I would be retired by now and not hanging out here at IHUB.
The thing that cracks me up about the last Elon Bomb was that the stock went up big on news of significant dilution! This HAS to consolidate and retest at least the upper 60s before it can break and hold a benjamin. This just went up way too fast to hold it's current level. The bet I am making is that this happens sooner than later. Because this is just a guess I am limiting my exposure through buying puts. I do think this stock will eventually break and hold above $100, I just don't think it can do that without retesting the area from which it broke out. Especially with a significant gap in the 60s. It is better to retest that sooner than later so the uptrend can continue without the weight of everyone looking over their shoulders for a consolidation later.
I bought some 72.50 weekly puts for a dime a piece. If this hits 72.50 those puts will be worth 40x what I bought them for. If not, they expire worthless. But hey, placing a $100 bet with a potential $4,000 payout aint too bad. I can handle losing the $100, but this looks primed for a pretty hefty pullback.
There is a first gap to fill at around 62.50 as well, so I think a bet on a short term correction to the downside is worth the risk.
Agreed. my re entry target is lower 60s.
Back in at .022. Very likely to get a 50% return in the short term.
Or don't.... :) Looks like my puts are going to be losers. This is one reason I like puts instead of going short. It limits my losses to just my premium. Looks like with this news, we are going to see 100 before we see 70 again.
Next level to test IMO is 26.00. I think it is more likely that we hit 26 before we hit 27 again.
Funny thing is, I am trading a different stock at the moment and got out of my short before the gap filled. I swear, sometimes I can be the biggest idiot.
Buy to open some put options. I bought to open a few today speculating that the pps will be in the 70s by Friday. Who knows if I will be right....
Chart was way overbought. It really needs to consolidate back to mid to high 60s and churn there for a week or two. Then I think I can feel good about loading the boat as the market has telegraphed where this can go.
Seriously. This is wayyyyyy better than a penny stock. Tons of liquidity, lots of movement, and I really doubt there will be a really big dump back to the 20s. A consolidation to the 60s maybe, but no way this goes back to the 20s.
In at 81 yesterday, out at 91 today. I will hop back in after this bounces off the 60s.
I am not buying anymore until this retests the gap in the 60s. I am setting a stop tomorrow just after the open at 90 if that level gets breached. I think this kisses $100 and then consolidates back to the 60s. just my two cents, and if I were always right, I be retired by now :)
the after hours buying was crazy. it almost crossed $90 on large volume. my level II looked like the market was still open at 5:30.
Wow, what a melt up! Looks like we are likely to test 100 before a retrace to fill the gap in the 60s.
Agreed. Although I do hope we test the gap at 26.41 tomorrow. I have some weekly 26.50 puts that would appreciate a test of that level.
This has to fill that gap at 26.40 before it can go back up. Today was a consolidation day. This will hit 26.40 tomorrow or Friday IMO.
lol.
Wow, the transfer agent office is just down the street from my house.
Here is another reminder of why many of us are here. The epidemic of prescription drug abuse has overtaken car accidents in terms of number of accidental deaths. So sad. I hope Elite can get these ART products to market pronto. People are dying. Makes me sick that there are people calloused enough to try to stop this company from getting intellectual property to market that will help reduce the number of deaths from prescription drug abuse, misuse and overdose.
http://www.ksl.com/?sid=24806719&nid=1010&title=prescription-drug-abuse-is-killing-us&fm=home_page&s_cid=queue-3
This needs to just keep increasing and holding each day until the sentiment starts to swing back toward bullish. This has languished way too long for the caliber of company Elite is. This will take new eyes and new money to climb from here.
I do not think I would be directly notified. I think pharmacies would be notified by their suppliers. Only rarely do I get information directly from the DEA, and almost never from the FDA.
The short answer is yes. I write a prescription and then indicate whether a generic substitution is permitted. From there, it just depends at which pharmacy the patient fills the prescription and whether or not that pharmacy orders their generics from Purdue or some other company.
I agree with your points. I do think it will take other events to draw new investors and traders to the table. We just need more demand for the price to go up, and that demand needs to come from new sources.
With the securing of the second patent, it is more likely that a patent PR would include news of a potential partner than it was last year with the first patent because now they have a hammer lock on the technology and could actually begin studies now without fear of getting their tech ripped off. Not saying that it is going to happen, but I wouldn't be surprised if it did.
I am a huge fan of volume. This stock needs more liquidity. I am very much in favor of buying and holding, but if there is no turnover then the pps really becomes at the mercy of MMs. They have had an incredibly easy job forcing the pps down as the majority of the float is locked up in strong hands. If we had more volume, ie more trading, both traders and longs would benefit short and long term.
Right now with so many shares in tight hands (mine included) there is an artificially low sense of demand for ELTP shares. If investors and traders perceived more demand for these shares, then the pps would not languish at these ridiculously below market value levels.
.057 is last major resistance before this can retest previous highs. A close above .057 is very bullish for next week.
Oh, I fully expect this stock will see .15 again. In fact, it is my opinion that .15 will be seen within the next 3 months. I will continue to accumulate shares accordingly.
My opinion about that is this. This launch has been expected for quite some time now. I believe that if there had not been a launch today that there would have been more impatient selling and the pps would have dropped even more than it has over the past few weeks.
As for the reason the pps is not going up dramatically? Well, I think many of the eyes that are on this stock have already either invested all they are going to invest, are holding on to a loss and waiting for the pps to recover, or are completely out of dry powder to purchase any more shares.
Glad I picked up some more yesterday! With the prints at .07 yesterday, we have no gaps to fill on the chart, so it should be a steady climb up from here.
30 and 60 min charts show this is poised to retest .05 soon, probably today. If you are in to flipping, this is the perfect entry for a 10 to 20% quick gain.