Thxs Doc...
Actually for both our sakes, I hope i am correct. I believe this economy has too much excess currently that needs to be washed out before any sustainable long term growth can be realized...the sooner the better as far as I'm concerned.
Let's just get it over with.
As you know, this is one story stock in a niche market that i've always been interested in. I'm actually looking forward to digging through the latest filings, and keeping this at the top of the list as a buy when the inevitable market washout occurs. I'm not sure how long it will take, but i won't be a bit surprised to see the Nasdaq at 750-1000, the SPX at 750 and the DOW at 6500- 8000. Call me crazy, but as of today, that's where the long term charts are pointing to...again, history will always be the final judge.
As for todays action, I think it's interesting that as of the 15th of last month, this stock had a 1 year record high short interest of 3,547,271... with pretty decent avg volume. With the exception of a couple days in late december last month that was probably short covering too, daily volume has been below average, nothing remarkable. Today was a big gap up and shorts running for cover, not to mention some distribution i'd guess. Let's see what happens at $18 and the 200dma...
Have a great weekend, and very best wishes,
John M. |
