3SOF

Good post mike, applaud. Whens the earning?

Great info and research Michael, thanks a lot !

RITA is making a little consolidation pattern before the uptrend resumes. Confortably holding RITA on technicals and fundamentals.

The earnings come out on Aug. 9.  I believe Dave included that in his first post, but i read over it the first time.  You can catch the confrence call here: http://phx.corporate-ir.net/phoenix.zhtml?c=121817&p=irol-IRHome

thx crazy, applaud.

Bulls take the stock a lot higher on the short term, and finally we get some profit taking or whatever. Bears are working for 4 consecutive days now, and they couldn't even break the last bullish white candle.

Clearly they have not enough selling power behind them. Clearly the uptrend will resume shortly.

5 days of profit taking and that didn't took even the last white candle of the bullish move. I'm waiting for a big white marubozu, anytime, that takes out these 5 small red candles at once.

Volume is low, no news on RITA, I'll continue holding the stock.

hmm she sure broke out of the range of that white candle.. but unfortunately the wrong way 

what's up with our girl?

I don't know nikao, this move really surprised me too 

What to do in a situation like this?

Look for the motivation you had to buy the stock. Is it still valid? Design a simple trading plan and follow it !

My motivation to buy RITA was the trend was bullish and the first resistance only comes above $6. The trend is still bullish, so I should hold the stock ...

Probably, considering not a very high volume for the magnitude of the move, people are squaring up positions before the earnings release. Anyway, my simple trading plan has some risk, but it is the right one I believe. The ascending trendline comes only at $3.18 for today, I'll hold as long as the stock closes above that trendline.

The magnitude of the pullback will tell us if the the previous rise was fundammentally backed or not (I believe it was).

Usually a positive reaction at the 50% Fibonacci retracement level is a bullish sign. But the 50% retracement level comes only at $3.37, so it is possible we have some more downside to go.

Unfortunately it's very hard to know if and when a stock will make a pullback, one just has to follow the trend, and the medium term trend is bullish on RITA.

I agree David. I think i will have to add on monday due to pull back. Have you noticed that most of the pull backs lately have been just enough to make you think to let go of the stock?? Like someone is testing your pain level   

Any way i have added this to back up the reason i would buy on monday  enjoy they are not scared are they

Date Name Transaction Num Shares Price(s) Value
06/13/05 DEVIVO JOSEPH Purchased 10,000 $2.86 28,600.00
06/10/05 UECKER DARRIN Purchased 3,500 $2.85 9,975.00
06/08/05 BUCCI VINCENT Purchased 10,000 $2.85 28,500.00
06/07/05 BUCCI VINCENT Purchased 15,000 $3.05 45,750.00
06/06/05 BUCCI VINCENT Purchased 10,000 $2.94 29,400.00
06/06/05 JOHNSON WESLEY E JR Purchased 5,000 $2.83 14,150.00
06/03/05 BUCCI VINCENT Purchased 10,000 $2.82 28,200.00
06/02/05 BUCCI VINCENT Purchased 12,000 $2.65 31,800.00
06/01/05 BUCCI VINCENT Purchased 20,000 $2.70 53,900.00
05/31/05 DEVIVO JOSEPH* Purchased 20,000 $2.68 53,650.00
05/31/05 BUCCI VINCENT* Purchased 20,000 $2.71 54,200.00
02/23/05 TUCKER ROBERT D Sold 28,154 $3.30 92,908.20
12/03/04 FALK MICHAEL S Sold 498,697 $4.21 2.10 Mil
09/29/04 FALK MICHAEL S Sold 30,000 $3.75 112,431.00
09/23/04 FALK MICHAEL S Sold 10,400 $3.55 36,920.00
08/19/04 FALK MICHAEL S Sold 20,000 $3.10 62,000.00

* This filing is an amendment to a previous filing.

Insider filings are updated daily and are based on forms filed monthly with the SEC.

If you want to make a double on this stock, the best buy point shoulld be at $2.50-$2.6 level.

Look at the chart since 2001, whenever it fells to $2.50, it bounced back and reversed.

In 2001, it bounced to $5.00 (100%), 2002 bounced back to $10 (400%),  2004 bounced back to $7.00 (275%), then to $4.75. 2005 to $4.10. So, the bounce back is weaker and weaker.

No reason to keep this stock I believe.

Thanks for your posts on RITA, some good info 

The stock is coming down hard to test some support levels. My maximum pain level is the blue ascending trendline. A close below that and I'll die for this stock.

The trendline tomorrow will come only at $3.2 so I'm prepared to take another 10% punch, it doesn't matter. What matters is that I hold a stock with a bullish trend, and that usually pays in the end.

I can't sell to buy lower because that could make me lose my position, and I don't want to take that risk. I must sell only when the foundations for the buy move are no longer valid.

still holding on on this one. Learned the don't sell without a 'real' reason lesson the hard way last week. Sold GTCB at 1,78 (to buy it back lower) but 2 days later it spiked and probably will never return.. it's now somewhere around 2,3

So I'm also holding on to Rita as long as it holds the ascending support.. (hope this one will spike as well, and this time I will be in! )

Press release just came out:

RITA Medical Systems Raises Approximately $9.7 Million in Private Placement of Senior Convertible Notes
Monday August 8, 6:30 am ET


FREMONT, Calif., Aug. 8 /PRNewswire-FirstCall/ -- RITA Medical Systems, Inc. (Nasdaq: RITA - News) today announced that it has entered into a definitive agreement with one of the Company's largest institutional investors for a $9.7 million private placement of senior convertible notes (the "Notes"). The Notes are subordinated to certain other debt of the Company and convertible into shares of the Company's common stock. The Notes have a three year term and accrue interest at 6.5% per annum, payable semi-annually. The Notes are convertible at any time at the option of the holder at an initial conversion price of $4.03 per share (subject to adjustment in certain circumstances) which represents an 17% premium to the 30 day average closing price ending on August 5, 2005.
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"The restructuring of our outstanding debt is an important milestone in the execution of our long-term strategy," said Joseph DeVivo, President and CEO of RITA Medical Systems. "The new debt structure can be subordinated to a working capital line of credit up to $10 million that we believe we will be successful in negotiating. We expect this working line of capital to provide us with a greater level of financial flexibility to pursue our goals. In addition, this significant reduction to our annual interest payments, based upon our current share count, would be accretive to our earning per share by approximately one and one-half cents annually."

Net proceeds of approximately $9.7 million received from the Notes will be used to prepay an aggregate of $9.7 million of the Company's outstanding indebtedness within 21 days. Based upon the new financing's interest rate, the Company expects to pay approximately $0.6 million in annual interest compared with approximately $1.2 million under its previous financing structure. The blended average interest rate of the Company's existing debt that is to be retired is approximately 12.9%. The total debt being retired is comprised of approximately $4 million and $4.3 million in senior subordinated convertible notes held by Medtronic, Inc. and ComVest Venture Partners L.P., respectively, with 14% semi-annual interest payments and a $1.4 million junior subordinated promissory note, with a 6% semi-annual interest payment.

The securities sold in this private placement have not yet been registered under the Securities Act of 1933 and may not be offered or sold in the United States in absence of an effective registration statement or exemption for registration requirements. The Company expects to file a registration statement of Form S-3 with 30 days subsequent to the closing of the transaction for purposes of registering the resale of the shares of common stock to be issued upon exercise of the notes.

This notice does not constitute and offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.

About RITA Medical Systems, Inc.

RITA Medical Systems develops, manufactures and markets innovative products for cancer patients including radiofrequency ablation (RFA) systems for treating cancerous tumors as well as percutaneous vascular and spinal access systems. The Company's oncology product lines include implantable ports, some of which feature its proprietary Vortex® technology; tunneled central venous catheters; safety infusion sets and peripherally inserted central catheters used primarily in cancer treatment protocols. The proprietary RITA system uses radiofrequency energy to heat tissue to a high enough temperature to ablate it or cause cell death. In March 2000, RITA became the first RFA Company to receive specific FDA clearance for unresectable liver lesions in addition to its previous general FDA clearance for the ablation of soft tissue. In October 2002, RITA again became the first company to receive specific FDA clearance, this time, for the palliation of pain associated with metastatic lesions involving bone. The RITA Medical Systems website is at www.ritamedical.com.

The statements in this news release related to the Company's ability to negotiate and obtain a working capital line, the impact of the retirement of certain of the Company's existing debt on the Company's future financial performance and the Company's future financial and operating performance are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. Information regarding these risks is included in the Company's filings with the Securities and Exchange Commission.




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Source: RITA Medical Systems, Inc.

Looks like dilution, which will not be taken as good news by the market.