Through the stock market volatility we’ve seen in 2020, one sector seemingly remains unstoppable.
In fact, just yesterday I noticed a bull go long $880,000 worth of this stock!
Last week I made +176% trading it long and short…
|Ticker Code||Ticker Name||Ticker Industry||Price Change||Average Volume (50)*|
|INO||Inovio Pharmaceuticals Inc||Biotechnology||47.49%||37,230,152|
|MVIS||Microvision, Inc.||Scientific & Technical Instruments||81.11%||40,179,245|
|JCP||J C Penney Company Inc||Department Stores||-100.00%||37,921,572|
|RTTR||Ritter Pharmaceuticals Inc||Biotechnology||57.81%||20,301,190|
|STCN||Steel Connect Inc||Integrated Freight & Logistics||-63.04%||403,637|
|VISL||Vislink Technologies Inc||Communication Equipment||37.93%||33,020,802|
|OPGN||OpGen Inc||Diagnostics & Research||-30.10%||768,193|
|KTOV||KITOV PHARMA LT/S ADR||Biotechnology||46.55%||15,685,578|
|SCYX||SCYNEXIS Inc||Drug Manufacturers – Specialty & Generic||1.27%||1,298,747|
|ONTX||Onconova Therapeutics Inc||Biotechnology||18.92%||6,507,646|
|AYTU||Aytu Bioscience Inc||Biotechnology||3.23%||19,105,194|
|NAKD||Naked Brand Group Ltd||Apparel Manufacturing||18.18%||2,280,951|
|BLIN||Bridgeline Digital Inc||Software – Infrastructure||59.39%||1,651,726|
|CYCC||Cyclacel Pharmaceuticals Inc||Biotechnology||-87.14%||1,331,749|
|FCEL||FuelCell Energy Inc||Electrical Equipment & Parts||20.94%||8,207,517|
|CDEV||Centennial Resource Development Inc||Oil & Gas E&P||72.92%||23,422,839|
|SAVA||Cassava Sciences Inc||Biotechnology||-78.70%||2,678,601|
|CHFS||CHF Solutions Inc||Medical Devices||-25.71%||3,949,152|
As we progress through the coronavirus pandemic, there’s one factor which many see as essential to reopening the economy in full and getting back to life as we used to know it.
A coronavirus vaccine.
Said vaccine would likely be produced, tested, and brought to market in mass quantities by at least one biotechnology company, and therefore, biotechnology stocks have been soaring year-to-date.
While I’m not the biggest fan of Inovio Pharmaceuticals’ (NYSE: INO) management, the stock itself is up almost 500% year-to-date, and yesterday I saw a $880,000 call option buyer take a bullish play on INO…
That’s a lot of money, and it makes me ask myself a couple questions…
“Could INO be releasing a statement that they have a vaccine available – or are sizable short sellers going to cover their positions and simply take the losses in the near future?”
Nothing is for certain as of right now… but an $880,000 bullish bet on a fairly small company at least gives me a strong hint that I want to be looking at this stock’s price action today.
In the short term, and as indicated by the chart above, INO has established support at $14/share. In addition to watching “sweeps” (I’ll be providing an explanation of sweeps in the near future) on INO, which is how I spotted an $880,000 bull buy into yesterday, I’ll be watching $14/share as a long or short base.
Above $14/share, and I’ll likely day trade a bullish position on INO, and plan to pay myself by the end of the day.
That said, markets made a huge upside move yesterday, and excessive profit taking at the open may lead to a retreat in broader markets.
If a pullback happens and INO trades below $14/share as a result, I’ll consider making a bearish trade on INO, and paying myself by the end of the day.
Yours for TrackStar trading,
America’s #1 Premarket and Day Trader
Disclaimer: This is not investment advice. This article is for information purposes only and opinion-based on financial advisor data across a selection of websites. Investors should be cautious about any and all investments and are advised to conduct their own due diligence prior to making any investment decisions.