Joseph, yes the stock is drifting, because everybody is uncertain. The big block selling is absent (whew!), but sellers are still afraid to come in with big $. Right now, you see some mild trading action, as daytraders (such as me) make trades for 1/2, 1/4 points up and down.
We'll see what happens at the traditional 2:00 PM sell off and then the EOD action. It is Friday, so many traders will exit, to stay flat over the weekend. There will be something of a battle between those who were trading long from the 46s, and perhaps some shorts deciding to cover - maybe a scattering of buyers.
The general market will determinative of where the stock ends up. Although NITE is still weak, it is moving to neutral (weak stocks tend to rise very little or not at all in up markets, but decline strongly in a negative market). If NITE goes to neutral in relative strength, we will follow the market. NITE is still weak, but improving.
MLCO, FBCO, mildly supportive, CIBC mostly absent from the action.
Drifting is the best way to characterize this.
Morgan |
