The SOES bandits have found us and we're underneath the weight of their team, like a football team 10-yards short on the first down.
For anybody who doesn't know what a SOES bandit is, these are the short-term traders, usually dealing in 1000 share lots, who get their orders executed especially fast under NASDAQ rules for the Small Order Entry System. I think they banded together today because they smelt blood. NAVR technically is way overextended -- by this I mean the poor quality of speculative buying the past week, much of which has been done on margin. On a down day, on a profit correction, we're likely getting margin calls that are likely to get massive tomorrow. I figure we could crunch at the open to 8, 7, you name it. The whole towel will get thrown in.
I'm not on margin. For those that are, figure out tonight if you want to stay and figure out how to cover at the broker. If you can't stay, get out at the open before your broker sells you out. For the rest of us, in better financial shape, this capitulation will be an amazing buying opportunity.
Good luck everyone,
Ariella
P.S. Oh yeah, did I remember to mention I bought again today, obviously a bit too early? Like I said, everyone makes mistakes. And this doesn't have to be one because I still believe the IPO will happen. |
