$CBLI was mentioned in a bullish Street.com article yesterday. Add to that, quite a few biotech stocks have experienced unusually high volume the past week due to the hype surrounding the upcoming ASCO annual meeting.
With no current news stories or press releases, I had to assume the recent uptrend in price was strictly due to hype. I ran across the following Seeking Alpha article from May 11, 2015. After reading it, my bullish sentiment quickly changed.
This morning $CBLI had traded more than 200,000 shares before 7:30am EST. In fact, the stock had reached $4.00 per share then sold off a bit before the opening bell. $CBLI then stayed in the top 3 most traded stocks going into the opening bell.
I assumed this stock would be a gap and go at the open, hit $4.00 then fall back down.
Everything I anticipated happened right on queue. At the open $CBLI got as high as $4.14 before quickly losing its steam. I traded $CBLI 3 times today. I won on all 3 trades.
This is another trade that I’m kicking myself for. I should of held a little longer on trade 3. With no additional news or catalyst to drive the price up, the only way from here is down. I was looking at my P&L, seen a $50.00 gain and immediately covered. I still get overly excited when I’m ahead $30.00 or more.
I started today with $143.00 in my SureTrader account. A $111.00 win is huge for me.
My best day so far is $113.00.
Less than 10 minutes into the open and I’m done for the day. See ya tomorrow!