VVUS - on the weekly chart it did break the uptrend from March lows on decent volume. On the daily chart there is a huge megaphone falling wedge with lower line currently at 6.5 and upper line at about 10 and a triangular consolidation inside. The chart is bearish, but the story and valuation is very good, so I was waiting with several GTC buy orders below 7, none of them were hit as it only got down to 7.07. Finally on Tuesday the CEO promised "imminent" results from Phase 3 study of Avanafil, its second drug (how nice of them to have 2 different drugs, not just one) and I finally bought on the way up at 7.51. If the "imminent" results are good, it may get to 10 area in 1-2 days where it would run into heavy overhead supply from those who bought above 10 getting out at breakeven or small loss, we'll see. I figured that even if the odds are 50-50, it still makes sense if downside at 6.5 is less than upside at 10.
