The following post is a request by Shane131, so for those who is going long or see themselves as a long term investor and emotional attached to this stock, please stop reading now.
The DOW was flat, in fact dropped a little, our SPI is up by 1 pt, base metal dropped overnight.
Now, although most of the indicators are still positive, I trade very short term, my style of trading is, I usually buy hold overnight, and sell the next day. So punting of what will happen next day is very important to me.
BLY on Thursday went up 23% with a volume of 61,846,900
On Friday she went up 16% in the first 15 mins of trading and then she got sold down, minute by minute, her day high was 315 after that didn't even had a single attempt to reclaim that back, each hour she falls a little bit. I always believe the last 15 mins of trading is most important part of the day, it tells me about what others are thinking, it tells me if there's people wanting to hold her overnight, it tells me what people think about her, how they see her on Monday, and in that 15mins we saw a volume of 5,183,045 at the .265 .27 range, they dumped her. And she closed on day's low.
Friday's total volume was 83,055,104
I believe on Monday, she would most likely open around $0.26 mark, a few punters may push her to the $0.275 mark, that would probably be the high of the day $0.275, and close at $0.255 I believe it will be a down day.
So Shane131, in a nut shell, I will not touch her for the time being. I think there's better money to be elsewhere. I don't believe she will gain a 20% tomorrow.
Short term trade...no BLY for me tomorrow, I need to see another candlestick.
P.S. I am 99% guessing :p
BLY Price at posting:
21.4¢ Sentiment: None Disclosure: Not Held
