Hate to tell you I told you so but here we are. Was always going to fall at open imo. To easy for people to be shaken out of their positions when the SP quickly goes in the other direction.
Question now will be whether the SP has now found its base and starts its slow ascent upwards now that shorters have either closed out their positions for good gains and whether those same people have now taken long positions. Personally, I think that is what is on the cards today. Today is a day for the traders and the shorters to make their money. LTHs, a good opportunity to top up if you have the powder, although personally I am still waiting to see if this has one more push lower.
Other option is that the downwards pressure continues and we slowly bleed lower. Now that the initial shock trading has concluded, the real direction of the day will be determined.
Will be interesting to see how PMET.V digests this information as well. Generally follows PMT in motion but lets see.
PMT Price at posting:
$1.50 Sentiment: Buy Disclosure: Held
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