Tek, what's your take on today's trading activity> I watched PSIX ( real time bid/ask/volume ) sporadically throughout the day, especially early in the morning ( first 2 hours ) and the last hour. It appeared to me that the stock sold off first thing in the morning on very low volume down to 10 1/8, then it rallied back to 10 5/8 on heavy volume trading ( 200-300K ) before drifting down the rest of the day, then the selling accelerated in the last 30 minutes. Two possibilities come to mind:
1) someone big got out today ( and last Friday when the stock gapped to 11 ) OR
2) we witnessed yet another test of faith / weak hands shake-out.
Do you or anyone else have any observations/opinion on today's activity??? I am mulling over adding to my current position if we see further weakness tomorrow, however I seldom try to catch falling knives.Over the past month, buying on weakness ( catching the falling knife ) seems to have yielded above average short term gains, eg, NMGC, SEEK, BVSN, ANCR, RNWK, CNCX, ARX. |
