...........Which it did not do. Amazing that Technical Analysis ins't it?
12 3/8, which the bid is sitting on, is turning out to be pretty strong
resistance. Will it hold up? Well if it can't break it on 1.5 million
shares, I don't know what will. Just in case you are wondering why 12 3/8
is support, it is because it is the bottom of a big gap down on a chart
(does anyone on this thread look at charts). After it's ride down to
8.5, it came back up to 12 3/8. Those that had bought from 12 3/8 and
down, sold. Then, the last group, who had the guts (read:stupidity)to be the
first buys after the gap down, and who had been sitting through the
pain of seeing their money go out the window, sold when they could get
back to even------at 12 3/8. You had a few who held out to sell at 12 1.2 to
12 5/8 (I guess to cover commissions, or to make them feel good that they
made "some" money on the trade), but the majority of those who bought
above 12 3/8 are new buyers. They watched OO go to 14.00 and they had
a profit. So every time OO came back to where they bought it, 12 3/8,
they bought more, on the idea that if it ran up once, it would run up
again, but now they would make more money.
The question now is, were they "smart" money, or "dumb" money. Who knows.
As long as we are above 12 3/8, they are smart. I don't try or care to
guess whether they are smart or dumb, I just want to capitalize on the
way they make the price move.
All you OO longs, don't despair. Today was not as bad a day as it seems.
Of course today is over, so we will see what tomorrow brings. If you
have a profit, and are not taking OO long term, then I would seriously
think about selling on a close under 12 3/8.
BCL |
