Wanderport Corp. (PINK:WDRP) Is Overpowered by Market Forces
Wednesday May 04, 2011 - 10:11 AM EDT
Hotstocked.com articles . Wanderport Corp. ( PINK:WDRP ) experienced a dramatic decline yesterday when a whole horde of sellers decided to take the trading in their own hands. As a result, WDRP dropped down 22% on a volume of 4.5 million shares, which is 4 times higher than the average volume. The short sale data from FINRA website, however, indicates that 2.5 million shares were sold short during the same day, which is 56% of the total volume. What do shorters have in mind about WDRP is not very clear, but at least this activity can hint at a forming sentiment on the market.[BANNER] For those who follow technical indicators, a couple of indexes signaled that a downturn might be at hand. First, at the beginning of May, the 4-day moving average made a bearish cross below 25-day one. Moreover, there was a bearish MACD cross and the DMI index showed that the sellers had vanquished the buyers. The ominous portent of technical indicators could not be parried by the company's attempt to instill confidence in its investors through a shareholder update issued by WDRP's president. In an open letter, Richard Martel tried to convince the market that the company's team is making tremendous efforts to advance their progress on the tankless water-heating unit and they were looking forward to the first working prototype. Unfortunately, investors shrugged off the sweet talk of the letter and followed the market signals. Essentially, the coming days will be indicative of WDRP's future short-term performance on the market. At least, there are lots of shorters who have to cover some day and thus can influence WDRP stock value.
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