R.John, I just feel it is more illusory than anything. Until new money comes in, most likely after Jan 6, I think that what you're seeing is mostly the day to day followers who expended most of their buying power on the climb up here. The MM's realize this so they put their foot on it, to average up their shorts, and cover on the bid, plus work the spread as Vic has indicated.
I still anticipate a steady stream of news both from FNET and FTEL in the month of January, this coupled with anticipation of the 2nd qtr report will be what moves us forward. In the meantime, if we should have any type of pullback, I would expect the MM's to head fake a move south on the audit news, just to make one last gouging of the weak hands, then we should move swiftly up over the $3.50 level and depending on the strength of news, we could carry even into the $5-6.00 level, but that's pushing it. But don't rule it out, there is some major mojo working on this one.
RB |
