PEIX-- Chen Lin bought back into this one this a.m., hence a major factor behind the buying pressure to put this back up over $11 this a.m..
Chen doesn't seem to use much or any technical analysis when buying stocks-- probably b/c with his wealth and his big following he can often change a stock's chart pattern just by starting to buy it or sell it. But PEIX had fallen so far and was so close at 10.50s to filling that "nasty gap" at the 9.80s level that I think the MMs and hedge fund guys may still try to take it down there, however briefly, to "close the gap." Especially with this further weakness this afternoon in the smallcap sector --i.e., Russell 2000, check IWM etf as a sector proxy. Just look at the chart to see the nasty picture: http://stockcharts.com/c-sc/sc?s=IWM&p=D&b=5&g=0&i=t48310319310&r=1399567596627
Notice how IWM finally crashed below its 200dma avg yesterday and today looked very tentative about rebounding back up and then crashed again this afternoon. Chen's following may be enough to keep PEIX from filling that gap, but some of those MMs and hedgies seem determined to always close those gaps if they get the chance. In any case, once that gap is filled it would most likely quickly zoom back up to this present level. Still, it might be worth putting in some bids around the $10.10 - $10.20 level and see what happens.
Disclosure: I still have not re-bought any PEIX shares so am on the sidelines, observing.
News 
Market Data 
Discover 
