SLXP - Salix Pharmaceuticals Ltd. $16.01 +0.27 (+0.95)

Tuesday's Comment:

Salix has been moving higher over the past five sessions in anticipation of its investor presentation at the prestigious Robinson-Humphrey Institutional Conference held today. Investors must have liked what they heard because SLXP's shares moved higher, trading to an intra-day high of $16.10 (3:00 p.m.) before settling at $16.01 on heavy volume of 193,000 shares. The volume was particularly impressive due to the increased frequency of 10,000+ share trades over the past two days. We believe that there could be more gains to come because SLXP's stock recently moved from the Nasdaq SmallCap Market to the Nasdaq National Market. This should give SLXP much more institutional exposure. As for the SLXP's technicals, support is Tuesday's intra-day low of $15.42 with additional support at $15.09, the 5-dma. Resistance is the all-time high of $16.31 and then possibly $17 after that. Traders should be looking for entry points on a bounce off of $15.42 or a breakout above $16.31 on midday volume greater than 70,000 shares. We have moved our stops up to $14.75 to limit potential losses.

Picked on April 8th @ $15.06 Change since picked +0.95 Stop Loss @ $14.75

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