The volatile run for Advanced Cell Technology continued on Wednesday as the stock traded on monumental volume while trading in a near seven cent range as profit takers and day/momentum/swing traders influenced a downturn shortly after mid day trading.
Admittedly, I took part in some of that pre-Christmas profit taking, although maybe a little early at .185, but my core position remains intact as ACT is quickly gaining traction as a leader in a next-generation market.
Even with all the profit taking and swing trading, however, ACTC rebounded from its low of .135 in rapid fashion - after having touched the twenty cent mark for the first time in a long time - to close the day at just a tad over fifteen cents, down 5% for the day.
If Wednesday's late day trading is an indication, ACTC may be gearing up for another trip towards twenty cents, and it's possible the stock could surpass and sustain that price as the traders bail and leave the long term investors behind.
Expect continued volatility with this stock, as the long positions are solidified amongst the traders banking short term profits. I'll re-buy some trading shares on any trip back towards a dime, but the future is quickly becoming now for this long time speculative penny play.
Congrats to those enjoying a pre-holiday gift, and let's not forget those who may benefit most from the new technologies being developed by this company - the patients. Monetary gains are secondary to the gift of sight that patients of the upcoming trial may enjoy.
Disclosure: Long ACTC.
