1:10pm (EST)
The bulls tried to rally the market at the open but after a brief stay in positive territory the major indexes are mixed. The euro fell to a low of $1.188 before bouncing back to $1.192 which helped stabilize the overseas market but the trend is still bearish and isn’t going to change anytime soon.
We are watching the $1.180 level for the euro which is where the currency ended its first day of trading back in January 1999. The 10-year average for the euro against the dollar is $1.20 and we wouldn’t be surprised if $1.15 is taken out.
Biotech is making a lot of noise today with mixed results but we are watching shares of Dendreon (DNDN, $38.26, down $2.58) which are down 6% today. Investors seemed disappointed when the company’s CEO said they had no plans to partner with someone to produce Provenge faster. He said they have a few more plants coming on board to manufacture the drug and that they are the experts on Provenge with plenty of support to move the company forward.

Dendreon has spent nearly $1 billion over the past 15 years to bring Provenge to the market so they have a game plan in place. In fact, we can’t blame them for doing it their way and their pipeline could yield other cancer cures. If shares fall back to $32 then we would seriously think about actually buying the stock but there may also be a chance to buy some longer-term call options.
Apple (AAPL, $256.27, up $0.30) was trading lower but has turned around. The company is unveiling its 4G iPhone during its annual software developer’s conference in San Francisco today. There is a lot of chatter on what new features have been added and we are hearing a higher-resolution screen, improved battery life, a cooler camera and the ability to multitask.

AAPL 15-minute chart
The bad news from all of this is that AT&T (T, $24.58, up $0.41) has eliminated its unlimited monthly data plans for new users of the iPhone and iPad. If you haven’t been with AT&T then you will have to choose between two data plans with monthly usage limits and pay more for extra use. There has been talk that Apple will partner with other carriers so AT&T could be taking a big risk trying to squeeze out more revenue.
As we head to press, The Dow is trading higher by 20 points and is at 9,952 while the S&P 500 is up 2 to 1,067. The Nasdaq is showing a 7 point loss and was last seen at 2,211.
We have a lot to cover with our current trades and there are a few others on our Watch List that are making some nice moves today. Current subscribers, check the Members Area for the updates as we expect any rally to fade.
Tags: AAPL, Apple, AT&T, Dendreon, dndn, momentum options trading, option picks, options alerts, stock options trading, T
This entry was posted
on Monday, June 7th, 2010 at 12:12 PM and is filed under Apple, BioTech, Company Commentary.
You can follow any responses to this entry through the RSS 2.0 feed.
Both comments and pings are currently closed.
Market Action Choppy, Dendreon (DNDN) Slips
1:10pm (EST)
The bulls tried to rally the market at the open but after a brief stay in positive territory the major indexes are mixed. The euro fell to a low of $1.188 before bouncing back to $1.192 which helped stabilize the overseas market but the trend is still bearish and isn’t going to change anytime soon.
We are watching the $1.180 level for the euro which is where the currency ended its first day of trading back in January 1999. The 10-year average for the euro against the dollar is $1.20 and we wouldn’t be surprised if $1.15 is taken out.
Biotech is making a lot of noise today with mixed results but we are watching shares of Dendreon (DNDN, $38.26, down $2.58) which are down 6% today. Investors seemed disappointed when the company’s CEO said they had no plans to partner with someone to produce Provenge faster. He said they have a few more plants coming on board to manufacture the drug and that they are the experts on Provenge with plenty of support to move the company forward.
Dendreon has spent nearly $1 billion over the past 15 years to bring Provenge to the market so they have a game plan in place. In fact, we can’t blame them for doing it their way and their pipeline could yield other cancer cures. If shares fall back to $32 then we would seriously think about actually buying the stock but there may also be a chance to buy some longer-term call options.
Apple (AAPL, $256.27, up $0.30) was trading lower but has turned around. The company is unveiling its 4G iPhone during its annual software developer’s conference in San Francisco today. There is a lot of chatter on what new features have been added and we are hearing a higher-resolution screen, improved battery life, a cooler camera and the ability to multitask.
AAPL 15-minute chart
The bad news from all of this is that AT&T (T, $24.58, up $0.41) has eliminated its unlimited monthly data plans for new users of the iPhone and iPad. If you haven’t been with AT&T then you will have to choose between two data plans with monthly usage limits and pay more for extra use. There has been talk that Apple will partner with other carriers so AT&T could be taking a big risk trying to squeeze out more revenue.
As we head to press, The Dow is trading higher by 20 points and is at 9,952 while the S&P 500 is up 2 to 1,067. The Nasdaq is showing a 7 point loss and was last seen at 2,211.
We have a lot to cover with our current trades and there are a few others on our Watch List that are making some nice moves today. Current subscribers, check the Members Area for the updates as we expect any rally to fade.
Tags: AAPL, Apple, AT&T, Dendreon, dndn, momentum options trading, option picks, options alerts, stock options trading, T
This entry was posted on Monday, June 7th, 2010 at 12:12 PM and is filed under Apple, BioTech, Company Commentary. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.