Ah - glad to hear it DT - sorry missed the bit in your OP about it being a paper trade.
I think you make a valid point wrt to recent buyers. I am sure a contributory factor to today's fall would have been trailing stop losses hit by a number of relatively recent entrants.
The LT holders, OTOH, will have their own LT price targets, which bear little relationship to the current market price.
I wouldn't describe EXT's SP as a "bubble" but pretty much everyone acknowledges that the recent steep rise did look somewhat overcooked in the short term, from a technical POV.
Incidentally, I reached the same conclusion as Ben Graham (and quite few others) a few years back. That is, that no-one makes money on a long term consistent basis by trading short-term on a technical basis - despite claims to the contrary. There may be big gains for a year or two... but traders inevitably give those gains back when things go wrong. Read "Diary of a Stock Operator" for a classic(al) illustration.
Sorry if I've ruffled a few feathers with those remarks.
Have a good Easter everyone.
Cheers,
Mark
EXT Price at posting:
$3.92 Sentiment: Hold Disclosure: Held
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