Dave,
What a performer we have! 05-14-95. After gaining 13 monday, PRST hit a new high at 163 1/2 at the open today on low volume but slipped to 152 1/4 in the second hour of trading on only 32,000 shares! MM was looking to buy low and sell high! Huge support at 152(as the perfect chart showed) trading 70,000 shares in 15 minutes, driving the stock to 158 by noon. Closed day at 160 1/4 down 1/4.
I think we all expected a short correction but someone tell that to the traders that need to own this issue. How can someone who has shorted this stock, not cover soon? I can find no reason that this momentum and step ladder advance won't continue to set new highs. Anyone setting a stop loss here will find a hungry MM waiting to swoop down and pounce. It has been remarkable that such low average daily volume can make this stock so volitable. I did not want to see a split but now believe the lower pricing might bring in a brand new market of investors. Remember, the real story here has not yet been accepted by Wall Street. It is still early in the game! With such a small float, this stock will move hard and high as more become aware of the PEARL technology.
I ran out of beads, fingers and toes. Think I might spend tonight counting sheep. 163, 170, 182, 199, 200!
Neil |
