Entremed (ENMD)

[SyndicateMM]

Billy:


The first thing that came to mind was the immortal words of Little Feat: "don't bogart that joint my friend" - I'll take some of what you are having...

Candidily, it would be hard to imagine this as anything other than technical failure/breakdown. However, the entire small cap bio sector got thrashed Friday with the GNTA news, so, as usual the timing was poor for the ENMD pr and probably overstated the decline. That being said, it's hard to imagine a technical rebound from here not accompanied by some big news (such as a new CEO who the street likes or who knows what else). I had posted previously that the weekly could set up for a series of divergences (it took 6 months during 02/03)but I didn't think we would this time. This is still in place as a distinct possibility. Next weeks action must be contained in the previously suggested support range, IMO, and then we shall see from there.

Best Regards-
Syndi