Today was perfectly fine.
Lots of selling came in mid-day and the volume picked up.
I was at a meeting with my friend and we were watching it. Not even a flinch when it was down about $0.30.
We discussed it and agreed that it is totally healthy for the share price to consolidate a bit especially after the recent large run up Titan has had. We even bet how much it would recover from the low, and my friend was right saying it would probably regain half of the losses, which it did, closing down only $0.14 versus $0.30 in Canada.
Stocks don’t go straight up forever without people taking profits and consolidation. Although I too would have loved to see this hit the old highs, I am not bothered at all. Frankly in hindsight I am happy this happened sooner than later. All stocks need to consolidate and this one is doing it now. My bigger fear would have been that this would be happening with less volume – but that is not the case.
In Canada, Titan traded 1,485,300 shares on 7 exchanges today and on the U.S., another 1,458,300 shares. I had to check those numbers a few times because they were so close.
Today's mid-day sell off was good and got rid of investors who were scared of the pull back.
Let’s not forget that around noon today the market was up about 30 – 40 points and then suddenly dropped and closed down 119 points.
Remember, the big buyers recently were the U.S. funds and when the market turned, so did Titan.
All is good and healthy.
Long and strong
