The lesson reinforced over and over to the traders is that gains don't stick. Any upward momentum is rapidly snuffed out. There are no visible, meaningful short term catalysts. We are likely headed lower or sideways for the foreseeable future. If there is an uptick, don't get excited because history shows that the smackdown is soon to follow. I think there is a reasonable chance that we will be in the low 2's following the next CC if there is no revenue positive news before then. I would never had predicted this kind of share price beatdown. But, here we are. Still holding long term, but highly discouraged by the market outlook here. I think it is overly pessimistic, but the reality is the pessimism has only worsened with time as reflected by share price. Diversification has not added value. We are trading at multiyear lows. The short interest is ever increasing. We have a very tough road ahead to get back to any semblance of a rationale PPS in my estimation. Sorry for the cynicism, but I think I have come by it honestly at this point.
Owning this stock right now takes guts and a long time horizon. TA mumbo-jumbo aside, for the stock price to go up macro picture needs to show that we have bottomed, and start improving. Guidance is calling for NO meaningful sales for the entire year and only 50 million for Q1. We are right in the midst of the worst quarter. They expect to survive the entire year drawing down the backlog, which itself is likely to be reduced from cancellation or extension. If GTAT can bring in new sales we are golden, but until then I don't expect much.
The volume today gave a manipulator a perfect canvas to paint on with their 100 share block trades all day long. Don't get so huffy over one day, its only half the volume of a normal day so this may correct overnight in AM or early in the morning tomorrow.