What a classic non reaction and non event to the over awaited...

What a classic non reaction and non event to the over awaited news of ignition. I guess too many short term traders were crowded into this one waiting for a blow off spike on this news and re-rating as indicated by Patterson's.

Brokers know how this all works and would have noted the high RSI level - meaning this was already overbought. I thought it would get more overbought myself. But isn't the selling taking place now just the unwinding of this momentum traders frenzy of the past few weeks? Are the sellers not seeing the long term picture here?

Any sellers being taken for their shares today have missed the whole point and the main game. Savvy investors are probably laughing at this folly and wondering how far this will drop and how much money they will make when this goes back up past those recent highs and beyond.

They just step aside and allow the unwinding to proceed until it stops. Did you notice the lack of large buyers this morning? I guess Patterson's were wither wrong or they have decided to tell their investors to wait and let this settle before taking longer term positions.

This news will hit the world over the next 24 hours and into the coming weeks. Investors do not sit with their nose at the computer screen all day sweating on news so they don't see the releases for some time. They don't rush in either. Cougar will slowly attract a new breed of investor now as the picture becomes more evident.

Not panicking and not selling.
CW