I just bought some at $5.85 and $5.86!!! Hard to believe...Nich traded 4 points higher (in AH) just two short weeks ago. Before earnings I remember saying that this could go to the 9's or back to $4.50??? Maybe it will do both! I just transfered more dry powder should they think about filling that gap at $5. We have one heck of a relentless seller here. They are getting this spring coiled and ready though.
Keep in mind, there is only a float of 3M shares - if they longs (oustide of the current seller) hold, the selling has to dry up. This is coiled alright...and not like other stocks that coil from selling pressure, this one is being accumulated by someone as the seller exits and when they are done there will be hardly any shares left for sale. As crazy as it is to have this drop 4 points in 2 weeks, we could easily see 9 within one week, there just aren't enough shares to go around.
I see what you say JP...EDGX has been on the bid sucking in big blocks all of the way down. The blocks get filled when the selling picks up. I think if NICH does shoot back up like last year it will go past 9 into the teens. Wouldn't that be fun? Then again, maybe we are all wrong?