People started taking profits when it appeared that the buying volume dried up. Even the market maker can sell and buy back later. The MM has to juggle the buy and sell orders and step in when it is one-sided.
Next big news will take us to 3.50. 3.25 could be resistance but if it's big news, we go right to 3.50 and maybe break through to 4+.
That's a good idea to sell 1/3 at resistance. Jim Cramer calls it "trading around a core position". Lock in some profits and buy back the same shares at support.
I use MS Excel to calculate the Fibonacci retracements. I'll have to fool around with Scottrade tools to let it do the calculations for me. Another TA tool is pivot points. I think it's used for commodity options trading but it gives you an idea of resistance and support levels based on yesterday's actions.
Tony
PS: Somebody told me about that lake in Russia. I had no idea it existed. Geologists don't know how it was formed. Still a mystery AFAIK.
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