With all due respect!
Kevin, this 32% increase is NOT all due to exuberant buyers rushing into the stock, because they finally see the potential of VISX or because an insider exclaims that they will earn $0.19 (or 32%)better than anticipated!
IMHO - The intitial gap to $71 at the open was news related, the rest was shortcovering, daytraders and some more longterm buyers, however, the minute the action is "out" of this stock, probably tomorrow or so, momentum traders will sell as well as a new breed of short sellers, thereby forcing the stock back down.
ONLY a possible "short squeeze" at the open tomorrow could force renewed buying, once that is over....LOOK OUT BELOW!
Let me put it to you this way Kevin, would you buy more shares at these levels? (If you were a short term trader?)
Probably not, the smart play would be to let it settle (like SEPR , check it from Feb. 18, 19 to now - perfect example of an easy "short")then buy more if you like it so much.
Just my 2 cents
Rico
P.S. I really have nothing against the company, I hope for your sake and all the "LONGS" that it does well in the long run, however, todays move seems a bit "overdone", hence the % play of shorting it.
Good luck!
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