Tuesdays short list produced multiple winners with Renren Inc. (RENN) stealing
the show closing down -8.47%. I would have gone short, but I was busy buying
CLSN which we cashed in over $500 on today as a day trade. With the US markets
rolling over into the close and Asia down at the open as I write, I think well
find some solid shorts Wednesday. Here is what Im eying up this evening.
Orexigen Therapeutics Inc. (NASDAQ: OREX) got a big bump from the FDA in after
hours trading rising over 80% from its $1.47 close. Im thinking itll continue to
spike from the AH $2.73 close into the low $3s which is where Ill look to take a
short position as a day trade. Optimer Pharmaceuticals Inc. (NASDAQ: OPTR) might
go to $20 before it cracks but one thing is for certain, this stock is
overbought right now and bound to fall a few dollars per share soon. Ill be
looking to day trade that drop to the short side. Now that the price has pushed
away from previous resistance at $14.75 the trading range is opening up. Right
now Id be looking for $1 per share between $17 and $15 as a day trade, possibly
swing if it gets any bearish momentum. Volume faded today now that the breakout
has occurred leaving me to think profit taking is bound to set in soon.
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