The SPY and DIA look to be gapping up this morning. The IWM is still consolidating under resistance but seems to be using the 20DSMA as support and is currently headed back to test resistance. Gold has pulled back to test the breakout level for support. Oil is continuing its ascending triangle and seems to be on the verge of a breakout.
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3 Day Trades Available
IDRA- $7.96M last traded, rel vol 4.63, Biotech, 126M float, 6.51% short @ ratio 8.73, IO 1%, news on the 27th that they released positive data for one of their drugs meeting all objectives in early stage trial, seems to be the same news from the 24th when they released the data in a presentation. Just broke out of its 200DSMA yesterday and is closing in on $2 which seems to be strong resistance. A break there should allow this to reach 2.30 within 3 days. This wouldn’t be safe to buy before $2 and the window is small for me so not sure I will play this unless the break is very convincing.
CBAY- $2.96M last traded, rel vol 1.77, Biotech, 23.13M float, 1.53% short @ ratio .72, IO .1%, Zacks highlight on the 22nd, no other recent news. This looks like it will trend up to 4.20ish but it is a small window for me. The volume doesn’t seem to be present on the open.
INFI-$6.44M last traded, rel vol 2.29, Biotech, 48.64M float, 5.65% short @ ratio 2.62, IO 1.1%, released date for earnings on the 28th set for March 14th, news on the 27ths that they will be presenting on the 6th. Volume on the daily could be better. This is currently mid-gap and approaching $3. I don’t think it will break $3 but if it does and pulls back to hold it as support, It should be a good swing to 3.75.
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