All the Longs Will Continue to be Wrong
In reviewing previous ideas on here I was stunned to see how many folks called this long. But I guess you can read into a chart whatever you like.
Although could be concerned about double bottom, it is very apparent that IONS is doing nothing but going down. I see this as a flag wth potential to seem 48 before it’s done (although 52.5-55 more likely). Either way chart shows no chance of breaking upwards. Will be buying
May 31 60 Put
June 7 55 Put
Believe both will have nice upside by Weds.
Volume was way up on Friday and very little recovery after sizable drop. Don’t see any recovery Tuesday.
Great opportunity for short term gain on these two Puts
Although could be concerned about double bottom, it is very apparent that IONS is doing nothing but going down. I see this as a flag wth potential to seem 48 before it’s done (although 52.5-55 more likely). Either way chart shows no chance of breaking upwards. Will be buying
May 31 60 Put
June 7 55 Put
Believe both will have nice upside by Weds.
Volume was way up on Friday and very little recovery after sizable drop. Don’t see any recovery Tuesday.
Great opportunity for short term gain on these two Puts
Trade closed: stop reached:
Closed 60 early and let 55 run. 55 expired so loss