I forgot the crux on my point above regarding the seller.......
The forced seller has been active from around 50c-60c. So thats about where the market was pricing this at before he was active and dumped the price (or his hamfisted broker did) .
Basically, one panic seller has cut that nice little 3 month uptrend short that started back in around July.
Now that the emotive selling has finished , perhaps the rational value investors will strike just as hard ? And that nice little uptrend will re emerge and re establish itself (Little QE4 boost wont hurt , and fiscal cliff BS will fade away early next year)
Brokers would've known this guy was selling , so they advise clients (funds) not to push , just soak (or the buy them for themselves backdoor no doubt) . Throw an alogrithm or two into the mix to really get things shakey, and wham, you get the sp back at 27c , you get all the sellers shares (7million!) , and all the shares of the "marketgenuises" that followed him out the door and a nice big commission for the brokers (who were probably shorting the stock at the same time)
Don't get me wrong , I'm not always a buyer . I sold a few in the 50's and 40's once it became clear the 3month up trend had faded and a seller was present. But only a nominal trading sized parcel or two , amounts that are easy to get in and out as needed. But this $$ has now found a good home at 28c a few days ago. The rest goes in this morning on the open , hopefully at 30c.
Merry christmas . Santa is stationed Burkina Faso this year.
AMX Price at posting:
30.0¢ Sentiment: LT Buy Disclosure: Held
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