China Medical (CMED) Flying Since Being Highlighted

When it rains it pours - I wrote the China Medical (CMED) piece premarket yesterday morning [China Medical - Back on Track; Valuation Should be Higher] and was not able to access the market until later in the afternoon due to travel. After a gap up this morning, this stock is up 18% from the $45 print I highlighted it at 26 hours ago. If not for that gap up this morning I was ready to buy on the breakout over recent highs at $50... now its in the mid $53s. Boy oh boy, not my day, week or month.

I'll stick a limit order at the top of this gap and see if we can snag it on an inevitable pullback.

The stock has fallen back to the 20 day moving average near $45 - if this stock was trading in a vacuum I'd be gobbling up shares hand over fist as we have a compelling story not reliant on banking or oil. However we don't exist in a vacuum and this very troubled market is stealing away capital like a thief in the night. At this point I'd like to buy the stock at either a pullback to its 50 day moving avergae (near $43) or on a newer high past its recent peak of $50 signaling institutional money is pushing in.

No position unfortunately