Dendreon (DNDN, $24.08, up $0.66)has been trending higher for the last week and all of the hoopla that had been surrounding the stock has faded. The average daily volume has been coming in around 2-3 million shares traded but I have been noticing the volume creep back up and there could be another move in store for Dendreon.
For those of you that have been following me for awhile know this was a huge winner for us back in late April, early March. Many of you made gains upwards of 2,500%. For you new readers, that was not a typo. You can do a search there on the right and type in “Dendreon” to see past articles.
The day before and after the company announced the results of the trial study for Provenge were violent. The option prices were inflated but we were way in before people starting catching wind of the story. I did a blog in March when the stock was at $4 and I gave you good exit points leading up to the huge advance.
I told you things would settle down and yesterday’s news could become today’s news if Dendreon continues to show strength. In fact, I’m am preparing a trade for Wednesday that should be launching with our new service.
I will have more details later tonight or on Wednesday but I wanted to point out the fact that Dendreon has got interesting again.
Note: Close the Freeport McMoRan (FCX, $57.88, down $0.23) trades if your stops look like they are going to be hit. We try to target 100% gains for each trade while keeping losses at 50%. The calls I mentioned on May 20th have more than doubled in some cases and rule number one of trading is to take your profits before they turn into losses. I will profile them later tonight with details on our new trading service.