I think technicals are out the window right now. There is a lot of macro news that is shifting the market’s mood day by day causing major fluctuations, especially in speculative emerging markets.
It also seems to me that the trading pattern of CCME indicates that a lot less of the float is locked up than we might have hoped for at this point. There is a lot of manipulative driving of the price down and covering/accumulating once it bottoms out. It almost seems that the powers that be were able to close the stock red yesterday at will, even on a very green market day. No doubt that was a planned effort to scare retail.
To be able to manipulate the share price so effortlessly seems to indicate that there is still a very large retail presence in the stock and that they are very easy to shake out. Perhaps a lot of the institutions that jumped in prior to the Sept 30 report date may have taken their gains and are taking the sideline for now, maybe in light of more macro fears about a significant pullback?
Don't get me wrong, I don't mind churning in this range, though I had hoped the floor would have been set closer to $18-20 range after the 10Q with the higher institutional ownership.
Would anyone care to chime in?
