“Thought best to take profits in these two ASAP. Both are close to earlier highs where they could reverse. We are up 23% on Algernon (AGN.CSE, C$0.47) and 53% on Cytodyn (CYDY, $3.48) in a week. Brief update with charts on site later today. Meanwhile our Datable tech (DAC.CSE C$0.045) is up 50% this morning.
Due to continual Fed pumping the broad market is moving against us, and later we will consider whether to temporarily stand aside from our short positions.”
The charts for these two making clear why we are taking profits here are presented below. Basically it is because of the risk of them forming a Double Top with their earlier highs, in the case of Algernon with its highs of about 2 weeks ago and in the case of Cytodyn, with its highs of late March / early April, which is increased by the risk of the broad market rolling over this week.
We may buy these stocks back later as their longer-term prospects remain bright.
End of update.
Posted at 1.35 pm EST on 27th April 20.