You are correct. The action in the stock is typical of all the day traders taking profits. $3 has been the magic number for them. They will buy back in in the mid $2's and then get out again. Eventually the miss the big move and never get back in. There are two catalyst at play that will bring that about. Oct 18th earnings and Q1 2013 sales figures. Nokia only needs to sell 10 million phones to get around $4 With China Mobile and Verizon coming on board, that will happen easily. In China, they are working on 4LTE, should be done in 6 to 9 months. When that happens then Apple will be sold there. Nokia get a big head start in that market. Smart to make a variation of the 920 for China.
Stay long and you will be thankful in the end. The day trader did the same thing to Sprint for over a year and once the gave up they missed the real profits. Not to mention the 40% tax hit they take.