At the moment it’s just momentum. Selling begets selling.
Students of this dynamic would say they are waiting for “capitulation”. I think in this case that is “short sighted” (forgive the pun). There’s no rational reason to throw in the towel now.
There are no new facts coming. Mineral oil is dead. The FDA said I love you. And that Nevada judge isn’t suddenly going to become Captain Obvious.
They are selling this hard because they can. Because there’s a short-term catalyst vacuum they can pound. But the day will come when that strategy hits a wall.
My father once said to me that short selling was like going out into your back yard in the dark and throwing a brick straight up into the air as far as you could. Most of the time, it hit the ground with a thud, and you laughed in great nervous glee.
But every once in awhile it turned out differently, and you spent six months in the hospital.
One day soon that brick isn’t going to make it to the ground, and we’ll be stepping over that body on our way to the bank.
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