A promotional trip to interest institutional investors sounds better than it is. This suggests two things that aren't true. One, is that very large investors aren't aware of SNRS. Two, that buying decisions are made based on awareness of an issue.
If such a trip takes place, a few buyers may emerge from the press releases, but not enough to make a difference. Besides, I would doubt if any major buying into an issue with no P/E Ratio would take place before November, when the market as a whole should be beaten down.
From a non-chart perspective, we're in a similar situation to the one we were in waiting for NASDAQ approval, the stock going down 20% on no news. You all know how a few investors bailing out drive the price down disproportionately to news or reality.
I move my next buy down to $5.75 from $6.25, and while I hope it doesn't execute, I'm afraid it just might.
There may be strong support at $6 but we've broken through it before. And the resistence to stay above $8 is strong and not likely to change soon. I would say that buy signals from Rainer and Loren charts may be very accurate given all the circumstances behind their analysis. The news briefs from Raging Bull mean nothing to me.
Volume on the upside is what we need, and I see no reason why that's imminent. Hang tough friends!
Sincerely,
Sylvester |
