Skiracer's stock slopes

[skiracer]

here is one that i like alot, CTIC. a drug company that is in the process of producing a line of drugs for the treatment of cancer. they have been strapped for operating cash this year and it has hurt the stock. recently severed a long stranding relationship with another drug company SPPI who got to walk away with the drug they were both working on leaving CTIC in a weakened position. they were able to bring in investors to raise operating capital and most recently a single hedge fund put up 30 million to buy convertible warrants that could be converted into stock at 1.70 per share which they immediately did. they also own the rights approx. 5 million more shares at 1.70. i have recently been acquiring shares and now own close to 20000 shares ranging from 1.68, which was my initial entry point to 1.52 which has been a recent low. im putting up a chart along with something that The Motley Fool has had to say about the stock. i am not an advocate of Motley Fool but noticed this and thought it was revelant.

It's been a rocky year for cancer-drug developer Cell Therapeutics, which had to turn over the rights to Zevalin to Spectrum Pharmaceutical (Nasdaq: SPPI) as it rushed to raise cash. And then an arbitrator forced Cell Therapeutics to pay $4 million in expenses to its one-time collaborator. Now it watches Spectrum heat up while it seeks out first-line FDA approval for Zevalin in non-Hodgkin's lymphoma cases.
Yet Cell Therapeutics' own therapy for the illness, pixantrone, is also under FDA consideration. At least one analyst thinks there may be some problems with the drug, but Cell Therapeutics was able to cause the markets to tremble in June with a clinical trial purporting to show that pixantrone was successful at treating aggressive non-Hodgkin's lymphoma. If the FDA approves the drug, as CAPS member xnautis believes will happen, Cell Therapeutics' stock should get a nice injection of adrenaline: "CTIC has just asked the FDA to approve pixantrone for refractory aggressive non-Hodgkin's lymphoma, a form of cancer. It's still very
here is the weekly chart. remember only if you can afford to lose the money but this is a decent chart and you could put your money into worse setups and right now it is a triple off of recent lows.

[g92069]

I've actually bought (and sold) this 3X....Have consistently made 10-15%.

Waiting for the price to rise can seem like watching paint dry. Be careful though....'cause as soon as it rises, it will fall.

That being said, CTIC has a mtg with the FDA on 09.04.09 which is to determine whether or not they can convince the FDA to "fast track" the evaluation of their primary cancer drug, Pixantrone. If no fast track, it will be early next year before approval decision is made. As Ski mentioned, it is being suggested that the approval is a foregone conclusion. Who knows.

The PPs will begin to rise in anticipation of the FDA mtg and will be good for a small profit in the near term. The price will fall soon after the news is announced. My opinion.

Any way, I have read a considerable amount about CTIC and their pipeline drugs, any questions, let me know.

G

[wooish]

Ski

What do you think about CYTR, it's also a drug company making cancer drugs. This stock looks like it's about to explode. I'm currently owning about 3k shares and planning to buy more.

[skiracer]

wooish,
i like the chart enough to look for an entry monday a.m. here's a chart.

[steelman]

Cbou

Ski,
I am still in CBOU. I was looking at my last post, when it was almost $8. It hit $9 a couple of times in Oct. and early Nov. Anyway, it has come down a buck in the last week or so. I think it will go past $9 again. Do you think it will come down some more? I am wondering about selling now and buying back again if it continues to drop some??

Thanks,
Steel

[skiracer]

Ski,
I am still in CBOU. I was looking at my last post, when it was almost $8. It hit $9 a couple of times in Oct. and early Nov. Anyway, it has come down a buck in the last week or so. I think it will go past $9 again. Do you think it will come down some more? I am wondering about selling now and buying back again if it continues to drop some??

Thanks,
Steel

I was looking at the weekly and thought it was in an ascending triangle pattern which is bullish and one of my favorites. i dont remember where your entry was but i think it was somewhere around 6 + range. if you were to take a look at the weekly and drew the top and bottom lines of the ascending triangle you would notice that the last candle is just about or is touching the bottom line near the convergence of the top and bottom lines. usually when they touch either the top or bottom lines they tend to reverse at that point. in CBOU's case it would be reversing back up at this point. also when they get deep into the apex of the triangle, converging points of the top and bottom lines, they are getting closer to breaking out to either above or below the top or bottom line. in you case you want it to break to the upside of the top line which these bullish ascending triangles usually do the higher percentage of times. if it were me i since you have already absorbed the pullback and are still holding i would hold on until i saw that it had broken thru the bottom line of the triangle and was heading farther down. it might only be a few pennies more from this point. i would excersise a bit more patience with it. i think it will bounce off the bottom line and reverse back up.

[steelman]

Cbou

That is amazing to me, that you can see that in a chart. What are you, a mathematician??? I am still working on MA, STO and MACD, ha ha. I do really appreciate the insight. I will exercise some more patience, plus it looks like accumulation is up, which usually means institutional money is entering...from what I have read. I think we will have a better show next week if we have a few more "up" days.

Thanks,
Steel

[ninner]

Ski,
I am still in CBOU. I was looking at my last post, when it was almost $8. It hit $9 a couple of times in Oct. and early Nov. Anyway, it has come down a buck in the last week or so. I think it will go past $9 again. Do you think it will come down some more? I am wondering about selling now and buying back again if it continues to drop some??

Thanks,
Steel

its failing at the 9.30 level it may go back up to retest 9.27 level again but if that fails.....i think there is a good chance it could head to the 7.50 level and if it gets down there and goes to around 7.21 then 6.50 is in play......the october 08 price bar is your reference to price an volume...that day is what is influencing the stock at this point.

cheers

[steelman]

its failing at the 9.30 level it may go back up to retest 9.27 level again but if that fails.....i think there is a good chance it could head to the 7.50 level and if it gets down there and goes to around 7.21 then 6.50 is in play......the october 08 price bar is your reference to price an volume...that day is what is influencing the stock at this point.

cheers

Thanks ninner. How do you know that? How do you know that that day is what is influencing the stock? I did see the spike in volume on 10/8 and if I wasn't already in the stock, that was the day to buy. STO, MA and MACD all had buy indicators that day.

Thanks,
Steel

[billyjoe]

Steelman,
Find historical quotes and check out CBOU 10/8. There's nothing as significant as the action that day. It really sticks out from a chart.

-------------billy

[ninner]

Thanks ninner. How do you know that? How do you know that that day is what is influencing the stock? I did see the spike in volume on 10/8 and if I wasn't already in the stock, that was the day to buy. STO, MA and MACD all had buy indicators that day.

Thanks,
Steel

hey steel, benchmarking volume..can be subjective and sometimes an art but that days volume and price action like billy joe mentioned kinda sticks out to me....another reason as well...just quickly analyzing it mind you 8 dollars is a primary trading range and that day it broke through it....looking at the chart...every 2 dollars are primary trading ranges these are massive areas of price support or resistance...so ie 4, 6, 8, 10, 12 etc...and in between are mid ptr ice.....which are reversal points...so these would be 5, 7, 9, 11, 13 etc.....this is on the daily chart. im not sure where u bought it but if i were in it now..i would wait to see how it acts...it has been pushing up with heavier volume and coming down on lighter volume....it could be testing the 8 dollar level before it tries to get by the 9 dollar level and then onto 10 bucks......u can do this with any time frame....weekly, monthly and the ptr may differ.......i like to look at monthly charts first then move to the weekly cus i usually have longer time frames and then move to the daily...this has served me well so far in this bull market run.....

btw im very bullish with this market esp after today...the dow should have been down alot more today than just 150..if this was a bear market even with the half day the market should have down about 500 but it wasnt ...this dubai debacle was not new news...this was known since the summer so i think this was an excuse for the weak hands to sell and the stronger hands to buy back in this market.....that is my take on it.

cheers

ninner

[skiracer]

That is amazing to me, that you can see that in a chart. What are you, a mathematician??? I am still working on MA, STO and MACD, ha ha. I do really appreciate the insight. I will exercise some more patience, plus it looks like accumulation is up, which usually means institutional money is entering...from what I have read. I think we will have a better show next week if we have a few more "up" days.

Thanks,
Steel

Steel,
All I saw was an ascending triangle pattern where the last candle was touching the bottom line of the triangle pattern. the pattern itself is bullish and they almost always bounce off either the top or bottom line when they touch them. that's exactly what it did and will do the higher percentage of times. you can count on them doing that. you should learn to rely more on that when you see it developing in a chart pattern. nice bounce of around 1.30 or so. hope you are still holding it.

[skiracer]

here are 4 stocks that i am looking at.
AMZN; TSL; AMSC; MEND. i like all 4 of these with MEND at the top of the list. AMZN is expensive per share so i would contemplate some kind of an option call play with it. MEND's 20 ema has just crossed over it's 50 and 100 ema's on it's weekly which is my favorite sign of continuing it's trend up. it closed at $14.97 on friday so it's not as prohibitively expensive as AMZN or the other two and it's next line of resistance is a previous high of $16 which it touched last week. watch for it to break thru that resistance on it's way to $21/22 range.

[billyjoe]

Thanks, ski, I'll take a closer look at those.

------------billy

[hags]

here are 4 stocks that i am looking at.
AMZN; TSL; AMSC; MEND. i like all 4 of these with MEND at the top of the list. AMZN is expensive per share so i would contemplate some kind of an option call play with it. MEND's 20 ema has just crossed over it's 50 and 100 ema's on it's weekly which is my favorite sign of continuing it's trend up. it closed at $14.97 on friday so it's not as prohibitively expensive as AMZN or the other two and it's next line of resistance is a previous high of $16 which it touched last week. watch for it to break thru that resistance on it's way to $21/22 range.

What???....No mention of these over at Pirate Traders????....where's the love????....and to find this after all that sausage...

j/k....hags