I tweeted early this afternoon that it looked like VVUS had put in an intra-day bottom. Here is the tweet.
i think bottom is in for $VVUS today. a hold above 20.25 should get it trending nicely
Here is a pic annotated that sums up what I was thinking. The long trade didn’t work out as VVUS failed to get above 20.25 and eventually made a new intraday low knocking out the 19.50 support area. This is a stock that will offer a lot more short term trading opportunities in the days and weeks to come. I will continue to monitor it closely.
Steven Spencer is the co-founder of SMB Capital and SMB Training and has traded professionally for over 15 years. His email is [email protected].
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