SPY is pulling back to the 10DSMA as is the DIA. The IWM has cracked the 20DSMA and is headed back to the top of the triangle which is also the 50DSMA so I would expect it to hold as support, otherwise would be a bearish sign. Gold is facing indecision at this level of support and only time will tell if it bounces or fails. Oil is still forming an ascending triangle but has yet to break out.
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2 Day Trades until Tuesday
INFI-$3.06M last traded, rel vol .96, Biotech, 48.64M float, 6.33% short @ ratio 2.58, IO 1.1%, fresh PM news that they apparently presented data today in Paris not the same presentation taking place later today, news that they will present one of their cancer drugs on April 4th, released date for earnings on the 28th set for March 14th, news on the 27th that they will be presenting on the 6th at 4pm. Currently at intraday support of 2.85 with intraday levels of $3 and $3.15ish on the way to 3.75. Volume on the daily chart is strong for the recent up days but significantly smaller on this pullback. With this fresh news and presentation later today I would expect another potential run-up.
GALT- $501K last traded, rel vol .60, Drugs, 20.65M float, 6.45% short @ ratio 2.72, IO 11.7%, PM news of one of their drugs having positive results and will be presenting data between the 20th and 23rd, earnings are due on the 14th. This has broken the $2 resistance in PM action and reached 2.25 before pulling back. Ideally I would like to see this come back to 1.90 intraday level before breaking $2 again. With enough volume this has potential to hit 2.50’s.
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