These MM's are playing us like a fiddle. Fear, despair and a few expletives are driving some interesting trading.
These guys bounce it up slightly in the morning, lure people in, then get them to sell lower while they accumulate shares. They are moving it down enought to challenge the loss side for seasoned traders, who use strict trading rules like 10-15% lower than buy point (if that much).
Then...they lift it slightly near the close...that glimmer of hope and the comments from folks selling near the low that they got "picked off".
Who knows how long this will last. We shall see. However, there is a tremendous selling pressure for some reason, and I don't know enough as to why, or if it's a fundamental reason. I don't think this stock can be shorted, because I can't hold it in my margin account yet, according to my broker. So who's selling these shares?
The company's horizon looks good, unless it's totally a bogus tracking stock built to stem pressure for SNC's problems. In that case, we're going to have problems for a while.
Steve |
