EDGE TRADER

Tuesday, September 13, 2005

Celgene


Due to a technical issue with my wireless equipment, my posts earlier today did not save, so here is my best efforts re-creation!

I spotted a nice day trade setup in CELG today, and made an exit for +.5% around 12 pm. It then got slammed once again, and I bought another stake, which I am holding overnight. CELG is trading all over the place since it has a drug in the final stages of FDA approval, with recommendation hearings tomorrow.

This type of play is unusual for me - typically I don't get involved in earnings or news related speculation, but in the course of my trading, I was getting the impression that we had one or more large players buying up a large stake in the company today. The trader or traders were good; they would buy up in small blocks, push the stock up 20 or 30 cents, pause and buy again. Volume slowed for a while around 3 pm and that is when the bottom fell out (also when I bought in again).

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