LOL! Good point. It's one I've noticed too. Stephen seems to have the same tendency as longs who stay to long at their party. That is....when an equity is already at the moon they thinks the stars are the limit. So it's no surprise when this doesn't happen. Indeed, its exactly those times most shorts look for.
And the inverse is true. When an equity is below the sub-basement, some shortsters think zero is the ultimate goal and proceed to pontificate in an equally "robust" fashion. So it's no surprise when this doesn't happen, either. And those who look for contrairian, blood on the streets, plays this amounts to a signal, too, eh? ;-)
Meanwhile, Island & Archipelago is showing absolutely zero selling until a ~3200 block sitting at $13.50. It looks like that tactic is waiting to see what the buying does, a la bear trap fashion. But buying is anemic, too, indicating the buying community isn't in the mood to stick its head in that noose. So.....a slight Mexican stand-off at this point.
Let's see how it develops from here...
Ooops, oops...and now after having said this I see the selling has settled in at ~$12.25. Somebody is "firing and reloading" an ~1K block at every attempt to push through $12.25 (anyone got Level II and can say who's started doing this). So that's the line. My bet is they've hoping any rally will fade, at which point they'll attempt to drive it down by reinitializing the 1x1, 1x5, 1x10 bid undercut on every up-tick tactic that has become so common here of late. Indeed, right now they're using that ~1.5K block as frontal wave, marching the bid down with it in toot sweet fashion, as they've now smashed $12 to the downside. Hmmmmm.....assuming buying stays anemic, and there's no reason to think otherwise, short covering excepted, then should this tactic stay in force as it has in days past, then my bet is MCOM ends the day around $10.50 to $10.75. Now let's see.....
John~ |
