Kelly, I didn't want to say anything over the weekend b/c I hoped it wouldn't happen for the sake of any longs here, but as the 6-month chart was showing that the strong uptrend from the Fall had been broken and PEIX was in a sideways trading range for the past month, I wondered if those nasty MMs & hedge funds were going to try to "fill the gap" down at the $10-$11 level from late Feb.
I originally thought that was a "breakaway gap" not needing to be filled, but with the market weakness for smallcaps and PEIX breaking below its support line at the 50dma last Thursday, not to mention that big GAAP-accounting loss posted last Wed., I think the "gap fillers" are trying to do their dirty work here to take PEIX pps further down in the next few days. If that bad scenario happens, PEIX should be then good to rebound back up quickly.
Maybe someone else wants to interpret the chart differently in a more optimistic way for the very short term? I'd love to hear any comments....
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