I am not saying CELG is at its absolute peak right now, but it sure looks like it is close enough. That is why I am giving the go-ahead to sell or short this name, right here right now. I've shown CELG's chart up here many of times (recommended buy at 58 not but like a month ago for a nice gain). It's very clear this stock moves in a channel. Making an almost regular move up and then move back to its 200 sma. Why should this stock deviate now?
If you look at it from a risk reward standpoint, from yesterday's close you have around 8 or so bucks downside and not much upside here, maybe a dollar or two. That seems like a good tradeoff for me.
So, what I would do right here, is to layer into it a little. I'd short some now at around 72.55 then if it makes a move up a buck I'd give it a go again.
CM
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