Just light selling on light volume.
Think about it. Who sells today? The short-termers who failed to get out Monday a week ago, then sweated bullets and failed to get out again this past Monday two days ago. What kind of strategy is that? I thought this would sell off some after Monday, but it took a day longer than I thought; but still expected.
The main thing to be aware of is the fact that the overall market has been in a two-week downtrend and today was a bad day across the board (check the index charts and you'll see what I mean). These hurricanes are causing oil to go up and affect the broader market. So outflows of money, even in SWKJ, are being somewhat influenced by external influences, not internal. After learning lessons on Katrina, it looks like authorities are fully evacuating and preparing for Rita, so hopefully the economic impact will be less. All the indices' market indicators (RSI, Stoch, Will %R, etc.) are close to being bottomed out on the Nasdaq, Dow, S&P 600, etc., so I'd expect a real turn-around in the next week or so. At that point, we'll start another uptrend which will have a positive effect on the broader markets and overall investor sentiment. Of course, the smart trader buys stock when everyone else is claiming the sky is falling, so perhaps now is actually the right time to get into SWKJ!
BTW, I see a lot of comments that are geared towards what the stock did in the last hour, or last day, etc. I've done that but now it's my opinion that traders would be better off getting away from watching the streamers and message boards so closely. The market is churning through the SWKJ float at relatively decent volume (this is no 300K shares a day stock), with no dilution from the company. The stock broke through its moving averages very strongly and is now trading within a higher range with former resistance now being support. Nothing has changed with regard to the business plan so there's no reason to be pessimistic. I know people are impatient, but impatience is an emotion, and if you are using emotion to trade, then you should just hand your money over to me right now, thank you. Since I, or someone else, will be taking it from you eventually anyway. Either you are strong or you're not, and if not, sell and take your 50% or whatever. The worst thing is to be a weak hand but insist on staying in and whining all over the boards (not that there's any on this board). What losers. I say, form an intelligent strategy with a manual stop-out and stick to it. JMHO ;)
AI
