With all those positive news the price action responded accordingly, on May 4 the stock closed almost 12% above May 1st closing price, the following day the price gained 14%. On May 7 the stock opened at 19 and closed at 14.57 for a 23% loss in one day, also the volume for the day was the highest for the last 7 months.
I reviewed various financial blogs and sites and could not find any significant news on May 7 that correlate with the price drop, in fact in most cases there is not any news for that date. So that makes me think that maybe some well informed people know something that I don’t. That huge volume in one day signals institutional trading, individuals doesn’t possess the means to be informed so what we do is we follow the action.
My sell short stop is right below the last support at 14.
Guys remember that these are my ideas, in no case I am recommending to follow these trades, in fact I don’t recommend anything in this blog now or never.
Actually this blog has been designed for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security, which may be referenced upon the blog. Such offers can only be made where lawful under applicable law. The services and information provided through this blog are for personal, non-commercial use and display.
Always made your own research, that said, please: DO NOT RELY ON MY OPINIONS FOR ANY PURPOSE!
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