Entremed (ENMD)

[SyndicateMM]

TA update:

Don't pass out in ENMD land, but for the first time since May, something worth writing about and noting has occured. Granted, it isn't front page news, but it is a subtle change in character that should at least be noted.

Today's upmove represents a break out of the 50dma which has been like the Great Wall of China on this stock for several months after collapsing through it for the last time on 4/28/04. We 'sniffed' it a bit during August, but it firmly rejected us at the $1.70 level.
Today, though, we "blew" through it to close near the highs of the day at 1.68. Volume is still anemic, but 210k now represents about 50% more than the 90 day avg daily volume.

So, what does it mean?

Well, for the first time in months we have a legitimate short term buy signal. Folks, this isn't the sell the farm and jump in signal just yet (which may NEVER come!). However, after having all 3 indicators (short, intermediate and long) go negative and stay that way for almost 5 months, it is certainly of note. Long term and intermediate signals are fully in sell mode as of this evening and the current move is not close to threatening a change in character of these. They remain well above us at this juncture.

What to expect?

Wish I knew, for sure, but first things first. It is imperative that this break out hold. How many 'Charlie Brown' moments have we already experienced??? (a trillion, or thereabouts, I think) Could there be another? (darn straight! see: Lucy) If(and I mean IF!) we do so, target levels exist all the way to the breakdown at $2.70 (also the 50 week ma). There are numerous levels of resistance between, but the volume was pretty anemic between here and $2, but after that, we need to be sporting some much larger numbers to worry the short side.

As always, do your own DD. This is opinion and not investment advice. I will happily provide you a list of 'times I was very, very wrong' to help you understand more fully what I am talking about, if necessary...

Best Regards to all...

Syndi