I don't know what the hell is going on here, but it doesn't matter. The ticker: CBPO. It's a Chinese Biotech company.
It sounds like something out of a late summer horror show. You don't need me to tell you nobody was buying this thing at the low and look at it now. Amazingly, shares are now over 60% off the September low.
The main thing that stands out, other than the lack of sellers is the volume that came in on the breakout.
Also, Monday's response to Friday's candle was pretty awesome. The range break measures to 175 and makes for a solid target area, but it's never that easy.
The tough question is where do you put your stop? For me, playing purely for a relentless Santa rip, I'd place it under Monday's low of 128. Given the distance from the stop, the position will be a smaller size. I'll take a position Tuesday unless we gap up a couple of points.
Also note the spread was about 1 dollar when I checked this thing out at 3:30pm EST.
Here are a few stats via IBD Investors
Trade 'em well
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