Washington Mutual Preferred fka WAMPQ

[radiumsoup]

Today's bounce

I dunno about today's bounce being an indication of much import at all... there was no news that would bring in any brand new buyers, most people who are already in are in to their comfort level already, and all of the technicals were screaming for a bottom and a bounce right at 13-14, which is exactly what we got.

Volume was only 5x the 10-day average, which isn't itself statistically important given the technicals. Even the U's only barely hit 2.5x volume today, and the bulk of all orders were within the first 2-3 hours of the session.

In short, I think today's bounce was 80% technical and 20% people adding to positions after the wild speculation of the weekend on the boards. I do expect a continuation of another 10-20% rise in price tomorrow, but that'll be it for the week, barring the news we're all hoping for.

Not exactly the short squeeze or wholesalers' buy-in everyone's been predicting...