Thank goodness let's get rewarded for grinning and bearing it yesterday shall we? Yesterday, as I said yesterday, was well overdone and a ridiculous reaction, but was one which people had to follow when prices dropped across all stocks. With SSN green in US aftermarket and a match price of 15.4c match price, I think we should have a better result today
IMO most of the selling on the all odds yesterday was simply people dumping anything based on concerns of a 350 point drop in the DOW and the secondary result of the perception of being able to buy back into all stocks at 20% less than the day before potentially
Also, I reckon every second trader now knows how to short a stock and there was massive shorting yesterday in play coupled with margincalls and stops being hit across the board
Now that the Dow performed better than expected and SSN wasn't sold off 30% as some feared and others would have you believe would happen, where to for today? In the absence of a further disaster, the answer seems obvious but let's see
Cheers, Wilson
SSN Price at posting:
14.5¢ Sentiment: Buy Disclosure: Held