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Tuesday, June 26, 2012 10:09:14 AM
It looks to me like there was a mindset that this thing was done. Stick a fork in it.... that kind of thing, but it also looks like there were only a few playing it that way because volume is the evidence of actual opinion, and we saw this takedown fail bigtime at a high volume buy-back-in price low of .0125.
What happened yesterday is how I got the inkling that this one actually may hold without the precipitous crash that typifies these kinds of stocks. Yesterday, I worried it was going to do the big bad pullback, but it only modestly pulled back. Not even a .382, to be honest about it.
This AM, when the spooksters managed to call for a charge to the down down, it looked like yesterday's modest decline (rather than the usual huge pullback), was going to play out as is typical, only this time, a day off the usual timeframe.
But it was not to be because at .0125 there was a large volume step in by a player or two. You saw it and I saw it and it was real and it is now rebounding. Put the chart up as a 30 minute chart, for example, and what jums out is a hammer candle.
To be precise, there was a volume of 468K in one minute at the bottom of the swoon.
So obviously, somebody (or somebodies) thinks this is well worth a step in at that level or we would not have seen the volume there.
And, look at the fibonaci's. The low at .0125 was, to the tick, the .618 pullback of the move. Pretty spooky when it hits these fib levels spot on, in my experience.
So, IMHO, it looks to me like somebody (or somebodies) thinks there is actual news upcoming & that this run is not just another flash in the pan.
Thats what it looks like to me anyway.
Imperial Whazoo
"Just my opinions, folks. Do your own due diligence & make your own decisions. DO NOT... I repeat... DO NOT make any investment decisions on my comments. They are my opinions. That's all they are... OPINIONS."
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