Last week when I looked at the chart and offered up the opinion that I saw a potential breakout happening within the next 2 weeks I sincerely thought it would take longer than it did. And while I figured a news type catalyst would drive it I would have put my money on it being news of financing....not some profile by some guy named Blanco with a corresponding article coming out from a site I know all too well, stockgumshoe (SG).
But to my eye I genuinely believe this is the driver behind the big jump....20 days stuck in the 50-200 dma channel, call it a bull flag or a bull pennant, and pow....
There are lots of sites employing this ¨teaser¨ style to entice viewers to sign up for a subscription to some newsletter type service....I´ve seen it many times, but the only company name that immediately springs to mind is Stellar Biotech which Nick Hodge´s outfit ¨Outsider Club¨ hyped some years back.
Stockgumshoe basically does the leg work for those unable to too lazy to discern what company is being teased....unless of course they want to pay for the service.
I have to be honest here.....this kind of exposure, I wish Resverlogix wasn´t being promoted in this fashion but it is what it is. With that being said even volume of 200K or so, its still small potatoes imo for a stock with around 200 million shares out.
For me the evil triumerate to look out for is News-Hype-Promotion....and to my way of thinking we have 2 outta the 3. We´ve had news recently, which struck me as pretty immaterial....the company has attended numerous conferences and such without issing PRs, so why now....
And we´ve got this Blanco promotion going on obviously, with StockGumshoe adding a little to it. But we don´t have any hype to my eyes....My guage for hype is lots of chatter on stocktwits by userids with big followings, and also on twitter itself....I don´t see any of that....some chatter yes, but only by userids who were already following RVX and none with huge followings.
At some point this is going to pull back obviously, no uptrend lasts forever obviously....if we can get thursday and friday as a continuation before some consolidation that would be cool....hopefully we get a new 52 week high outta the exposure, I don´t think $5+ is out of the realm of possibility....
Just spitballing, but if we could crack $5 and then pull back in the $4 to $4.30 range....then I won´t cry.
Panama is great, but I didn´t bring a lap top....only a tablet, and its a pain to type on so I´m using the internet cafe here and paying $5 for 30 minutes of surfing time....and I only have 8 left.