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MDCO short T2 hit

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MDCO short T2 hit

MDCO hit T2 shortly before the close today for about a 16% gain from entry (it was posted along with my other favorite biotech shorts on Sunday, Oct. 21st and opened at 24.61 the next day).  I do favor T3 on this trade although booking some or possibly all profits here might be prudent as a bounce off this level is likely, especially with the IBB closing just above it's first target today.  If we get a move down on MDCO tomorrow morning, especially to the 20.25 area (some decent support there), I might consider booking full profits on this trade and moving it to the complete trades category.  First chart below is the daily chart from  the Biotech Shorts video followed by the updated daily chart.

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2012-11-08T17:16:51+00:00Nov 8, 2012 5:16pm|Categories: Completed Trades - Short|Tags: |Comments Off on MDCO short T2 hit