Quick Update

i was really disappointed with ELN's selloff this morning. it really could have gone either way i think.. traders like me had unreasonable expectations going into the earnings call, and we were presented with good but not extraordinary news. i wouldn't be surprised if there were a lot of new traders wondering "so… is this good news or bad news?". i'm just thankful that the stock didn't gap down, allowing me to get stopped out without too much damage.

trading mid-day was characterized by doubt, as i saw both heavy sellers and heavy buyers line up on the level 2. i thought the news was pretty promising, but the problem is that elan has not yet made any material achievements in bringing tysabri back to the market. they have, however, thrown out the date september 21, a date that everyone should watch for.

the stock closed near the low of the day, and i'm not sure if the selloff will push the stock back to the pre-earnings $7.20 level or not. for now, i only have a small position left in ELN, so i'll be on the sidelines looking out for any rumors and developments.

anyway, i'm busy with midterms/tests right now, so i'll be back to update on sunday night with the usual charts.