You know you're a free falling knife catcher when you post these lines within a few days of each other.
"Sell off was overdone at 52c. It was worth a buy at 50c. 45c was the time to load up. Then it was a major overdone sell off at 42c. The stock was close to the short term bottom at 39c."
The current price is below all of these levels. To be fair the market has been woeful this week but, if anything, that would be a good excuse to not try to be the bottom picking hero. The daily volume is getting lower each day, but the stock continues to fall. Either the sellers are depleting, OR, anyone who thought this would bounce from here have bought in already and thus there is no more demand left to kick the stock out of its nose dive. The smart play here would be to wait for a higher low rather than jump in recklessly hoping for a miracle bounce amidst a torrent of bearish days in the market.
CGH Price at posting:
38.5¢ Sentiment: None Disclosure: Not Held
