AI
Wednesday, August 26, 2015 2:18:15 PM
My personal guess is the lion's share of those were sold during the several month CTIX decline that started when the shares came off of restriction. By MAY the selling pressure eased and CTIX ran sideways.
Then a rally leg, so no selling ceiling. Then Biotechs in general started to drift down. Most I watch did the same as CTIX. Of course, CTIX got an extra push from the hit pieces, despite all their falsehoods. But I reckon the biotech sell-off was a big factor.
I note that the Biotech ETF IBB had a rally leg and then started its decline on 7/21, just like CTIX which had a rally leg and then started its decline on 7/21 . Both declined below support after the rally leg.
Compare and contrast the below charts.
(CTIX daily, click to enlarge)
(Biotech ETF IBB daily, click to enlarge)
Then a rally leg, so no selling ceiling. Then Biotechs in general started to drift down. Most I watch did the same as CTIX. Of course, CTIX got an extra push from the hit pieces, despite all their falsehoods. But I reckon the biotech sell-off was a big factor.
I note that the Biotech ETF IBB had a rally leg and then started its decline on 7/21, just like CTIX which had a rally leg and then started its decline on 7/21 . Both declined below support after the rally leg.
Compare and contrast the below charts.
(CTIX daily, click to enlarge)
(Biotech ETF IBB daily, click to enlarge)
The stock market is simply the transfer of wealth from the impatient to the patient. - Warren Buffet
