The initial, unbinding letter of intent filed (I believe) on 2/24 took a couple days to really pop the price from high .20's up to low 60's, right? Then it took another three days to reach it's peak.
Without a firm price target, I think news for Alexza takes a little time to catch on and the price to reflect it. Maybe not as long since this seals up that initial deal that (IMO) more investors would be aware of.
That puts me at 2-3 more days to trend up, adjusting the exit point throughout the first two days. Ideally you find a peak on the third day for short-term.
How wrong am I?
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