3SOF

No i did'nt sell. Am waiting for this afternoon's action.Will probably sell 25% and let the remainder,all profit, run. No guts,no glory.

April 11 (Reuters) - Cell Therapeutics Inc. (CTIC.O: Quote, Profile , Research) said its experimental cancer drug has received fast track designation.

The fast track designation is for Xyotax, which is used to treat women with advanced lung cancer, the company said in a statement

All signs point to 18$ for a bounce? What do you guys think here? I  noticed cramer gave it a two thumbs up at 18.05 interestingly enough -

http://madmoney.thestreet.com/index.cfm?page=lookup
(enter DNDN on the left)

Any thoughts??? I might pull the trigger near 18$!!!

Using the ascending support trendline I actually come up with a perfect tag support line of 17.80 - so that is where I plan to buy! 

yeah, I was expecting $18 - 18.20 to hold as support too.  I'm a little disappointed that I didn't react more quickly to this move and saw a lot of my profits disappear, but hey, I'm still up overall and thats what counts.  Sold all my stock first thing this morning, but still holding onto my Aug calls.  Made a bit on Apr 20 puts this morning, playing the downside, but I have now closed out that position too, and gone short term long.  I think things could be real choppy over the next little while so I'm gonna play DNDN very carefully.

What I hope to see is $18 hold and for DNDN to rally to between 20.80 and 21.40 today or tomorrow.  However, it just got nailed at 19.60, so we may have some resistance there, and 20 may also be tough to get back through.  It looks to me like we have a descending channel developing intraday, so a rally up to this level would give us a tag of the upper rail of the channel.

The main problem is the bears have the news media with them 100% of the way right now, and momentum is definitely on their side.  This could easily turn once again, but no doubt they will try and push this as low as they can while they have the momentum.

I have to say (and I knew it would be this way, this stock is just too volatile for me to handle a "buy and hold" approach.  I have to work on the basis of "take them profits when you can" and don't let a profit turn into a loss for now  

just fyi:

Dendreon downgraded to "market outperform"
Wednesday, April 11, 2007 10:29:30 AM ET
JMP Securities
NEW YORK, April 11 (newratings.com) - Analysts at JMP Securities downgrade Dendreon Corporation (DNR.FSE) from "strong buy" to "market outperform."
The target price has been raised from $20 to $24

Chart update:
agreeing with Calven, will be bouncing from 18$
(I will not trade DNDN before May 15th, because the US trading time in Asia is starting @ 9.30 pm, not able to watch the market close  )

Sold some  yesterday. Only house money left. Will buy more as the May 15 date approaches. But the FDA doesn't have to wait till then. Can't they decide before that?

well i got in at 17.74 after the small gap down - looking for $20.20 for an objective

hey Cal, are you still holding or did you get out of this one quick fast.  DNDN has ben playing real ugly, and the shorts  (and sellers) have just been bringing this down and down.  I've been trading near term puts on the way down for some nice gains ot offset the loss in value on my Aug calls.  I still think DNDN has a solid chance of approval and I am going to hold onto those positions for now. 

From a TA perspective, I think (and hope) that now  DNDN may have found a bottom.  $15.30 looks to be a key support level.  DNDN is back trading where it was just prior to the explosive breakout, and I would think that this level should provide some support.  Also, the 50% fib retracement for the entire move from 5.25 is right at 15.30, so if DNDN wants to show that it can still be bullish, here would be a nice time to see it.  Saying that, with April options expiring this week, there may be some pressure to try and take out the Apr 15 calls as well, although if the stock stays at this level, there will be minial value to them  (but for large hedges/instys short this stock, I'm sure they would prefer to have as little stock called from them as possible).

We also have a falling wedge pattern, and a breakout of that could be bullish, but would require DNDN taking out $16.  It remains to be seen what the rest of this week holds for DNDN.  My thoughts are towards lower volume and limited range movement around this level, but with a stock this volatile, ANYTHING could happen.  Good luck to all, however you decide to play this (even if that is "not at all"  ).

Just a heads up.
This is how others may look at DNDN too.
The nice thing so far is, the doji is above the downtrending line of the symetrical triangle.

nice summarization:
http://aschoff.blogspot.com/

chart:

The most logical support that I could see so far is 15.00 then 14.66.
Here is how I came up with that number:
I entered the High,Close,Open, and Low (from March 30 to April 4) on excel, sorted it out and this is what came out:

18.05,17.92,
15.80 (current high/open)
15.40,15.15,
15.09(current close)
15.08
15.00,14.99
14.93 (current low)
14.66,14.65
14.47,14.30,13.25,13.10,12.93,and 12.00

Then again, it may use 15.08 or 14.93.

All I can say is its absolutely amazing.  The shorts managed to push DNDN down to $15.09, basically making all of the April calls from $15 up worthless.  And considering there were over 150,000 calls at $15 or above open in trade, that is pretty astounding.  (yep that would have called 15 million shares in total!!!!)  And the bulk of those were at 15, 17.50 and 20 strikes.  (Saying that, over 167,000 puts also expired worthless - so basically, they managed to pull it down to the max pain strike almost perfectly!!!)

My feeling about DNDN is that the institutional players did exactly what they had to do here.  April options expiration was crucial, as there is no way they will be able to influence the price at May expiration in the same way.  Either it will be above $25 or it will be somewhere below $5. 

My intuition, looking at the recent action, makes me think that 14.50-15 should be support.  And I think we could well see a bounce off this level as shorts from the $20 range start covering their positions.  I don't have any position in DNDN anymore (too much bloodshed made me re-think things a bit and I wanted to see where the dust settles), but considering the potential (and I still think we will se a provenge approval), I'll be looking to develop a position once again. 

Hi ST,

It feels good to see that the support levels you see is also in the 14.50/15 range.
It feels that the way I analyze may be getting better.

Ares

fyi:

Dendreon "market outperform," target price raised - update

Tuesday, April 24, 2007 3:43:05 PM ET
JMP Securities

NEW YORK, April 24 (newratings.com) - Analysts at JMP Securities reiterate their "market outperform" rating on Dendreon Corporation (DNR.FSE). The target price has been raised from $24 to $26.

In a research note published this morning, the analysts mention that Provenge's BLA (Biologic License Application) is expected to receive the FDA approval. While the probability estimate for Dendreon receiving the FDA approval for Provenge has been raised from 50% to 70%, the probability estimate for the drug getting an approvable has been reduced from 50% to 30%, the analysts say. While the worst-case scenario implies minimal downside risk to the company's share price, the best-case scenario offers substantial upside, JMP Securities adds.

&

DNDN: Short Interest UP 28.3% to 33.9M in Apr 2007
Tuesday , April 24, 2007 16:17ET

According to new short interest data from NASDAQ, short interest for Dendreon Corporation (NasdaqNM: DNDN) INCREASED 28.3% to 33,901,959 shares for the month ended mid-April, 2007.

SYMBOL       MARCH           APRIL          CHANGE       %CHANGE  DAYS/COVER
--------   -------------   -------------   -------------  ------------  ----------
DNDN          26,419,737      33,901,959      +7,482,222       +28.32%           1

Based on DNDN's 20-day average daily share volume of 34,529,055, it would require approximately 1 day(s) of buying to cover this short interest.


chart: