I noticed the sharp dip toward the end of the trading day and was surprised.
My guess is that someone, having waited this long for a quick profit, gave up and dumped close to 10,000 shares. Today's total volume wasn't much.
Obviously, the price ran up because people's enthusiasm was whipped up about astronomical profits and it is the ideal situation for traders to take advantage--I don't blame them. Stockletter writers who hype things are not doing investors any favor. They just create a nice opportunity for very short term opportunists.
So, in a way, the outlook is bearish for the moment. Sellers exceed buyers. WIth the excitement cooled off, buying demand is low and any dumping of even volumes like today's will send price sharply down.
On the positive side, when I saw the dip, I put in a buy order at $7.5, which DID NOT fill. I expect a bit of worried selling to occur tomorrow.
I am supposing this is all it is. Unless, there are interesting developments, investors will need a strong gut for a while.
If anyone knows better than my speculation, do let us know. |
