lucky guess :o)
Yeah, maybe a little struggle could develop around $30, that seems reasonable. If the volume continues to increase like it is though (market has been open 2 hours now, and we're already passsed average daily volume), it may not last very long.
Couple things I noticed were prices firing off at 1/32 increments, which to me suggests institutional buyers shaving off every penny they can as they make 10K share block purchases. When's the last time you bought at a share price of 28 27/32, jeez I don't think I ever have bothered to do that :o)
Also, the way it opened lower under heavy volume tells me it was under institutional pressure as they attempt to get back into PAYX. This can't be too bad, as weak hands are removed, the institutional buyers are going to have to fight each other to get their shares. I really think they got caught with their pants down this time, as everyone and their mother was under the impression CPI was going to be up, hence a series of rate hikes was going to occur.
Summer rally, what summer rally, hehe!!
Thanks for your kind words, as always happy investing.
Regards, JB |
