GXY has come down dramatically from its 1.80 or 1.60 highs just recently. Down almost 40 - 45%. This stock has been OVERSOLD at its current level. I personally cannot see 73 cents.
Now it may hit 80 cents if the big end of town (hedge funds and investment brokers) continue to SPRUIK the market because they want this global correction to run a little further but i don't think it will last. GXY is now a different beast to when it fell to the low 20-30 cents range of the GFC.
IMO this PANIC led correction has provided me an EXCELLENT opportunity to buy this company at prices i thought i would never see.
Also in my humblke opionion this correction is what the markets needed. It was required if we were to continue higher in the longerterm.
I don't for the life of me understand how everyone seems to be panicking about this so called sovereign defaults occuring in Greece or any of the PIGS countries. Those countries will implement austere fiscal policies going forward and if becomes to hard for them to raise cash through bond offerings i am sure either CHINA or an outside foreign equity party will come to their aid. There will be a plan B if needed to ensure the stability of the euro zone.
GXY Price at posting:
36.1¢ Sentiment: ST Buy Disclosure: Held
