Not fully bullish yet, though I grabbed 700 more yesterday @ $9. At a break-even of
$10 on 2200, I?m very comfortable. MMs today were down to a total of 9, from yesterday?s 11. A disappointing downturn. Not sure if it means some guys have been squeezed out, or there was just a lack of retail representation from individuals. We?ll see how many are interested later today.
Action today is very encouraging. The prediction was that it would eventually move up on low volume, if there was in fact any substantive story here. That?s happening. Also, what is not happening is the price getting spanked by the big boys, like it has been the past three days.
My na‹ve take is that the shaking, liquidation, crossing, etc. are near done. Earnings, per San Francisco, are, in fact, due out Thursday. There should be a run up to then.
With steady, albeit light, volume today, we should see some return of the buyers. |
