Don't get Too Excited...some shorts are just covering
Be ready for the cycle again..AH slight Drop..to...Pre Market big drop...followed by a short burst of buying..leading downwards most of the day...to short covering. Its doubtful Friday will be a better day. I suspect this cycle to go on until mid 3s don't hate me.
Shorts have had a second chance to cover. December closed at 3.95 we are at 3.92 today. This is a gift to shorts and traders considering the q4 report that they were not expecting and were caught with their pants down. Sales up, net cash up, Asha and Lumia orders up, NSN making good money, cost reductions realized and more reductions to come in 2013.
Hedgefunds and their clients will like their balances at end of January thanks to a fake article, however you don't get this many chances to cover knowing what is coming in q1 and beyond. Admittedly, stock prices do not go staright up.
As of yesterday the only question left was resolved, that of BB10.
Nokia is free to run. I don't believe IOS or Android have anything in the pipeline in the near future which is going to derail Nokia.
You have to give credit to the shorts they almost lost control of the price when it hit 4.80 as there was no resistance between 4 and 5.
On the next run, 4 through 5 should look like a blurr.
Check the one year graph to see how fast it previously dropped from 5 to 4, it will go back up the same way, just not today.
seems to me right now that tomorrow going to another repeat of today. Looks like the shorts will drive this stock to low 3s and fast. Unless its about the TAx liability of 2Billion...there is no other news that can justify this. RIMM is dead.