Peter, is there any real basis for any chart pattern phenomena? I'm not real happy with the lack of support at previous resistance, but perhaps the general market weakness dragged it down a little further than it would have traded on its own. With the market down so much, with no rallies to speak of today, EGRP shorts that may have otherwise taken this opportunity to cover (remember, Bikergirl shorted at $26 1/8) don't feel any urgency. I'd think that the current level, still above the short-term trend as you noted, should hold as many who missed getting in before Softbank see this as a chance to get in at Softbank's price. Perhaps with a little bit of a rebound in the market tomorrow, some long buyers will show up here and the EGRP shorts will cover. Had I been paying close enough attention, I might have picked up some Aug 25 calls under $2. Thank goodness I had some index puts - softens the blow. Now, if we can just hold here while the truly nutty internuts and the S&P tank, I'll be extremely happy. This is a value play now, folks.
Bob |
