Bama, I think you nailed it. Overall market and Apple weakness has definitely been a factor, but the IPO valuation is more likely the majority culprit, especially if the prospectus has been available for nearly a week.
The good news is that the stock is just as likely to rebound quickly if, as many predict, the Taiwan price quickly rises once it begins trading. IMOS continues to trade at a deep discount to Chipbond metrics, and that should all begin to change no later than a month from now when Chipmos reports earnings and confirms that business is ramping considerably. I really believe in the arbitrage theory beginning Friday and the prediction of another poster tonight that the Taiwan stock price will quickly begin to lead the U.S. share price. Our favorite words in the morning will become "limit up"...
The rsi was too high, being well over 80. The listing price has been found out to be down around 12 to 13.50. The general market ran into strong resistance and pulled back. Thus imos hit 15.10 and pulled back to just over 13.
We ran up so much in such a short period of time / the IPO price is known and lower / recent stock market turbulence. Who knows? The price broke down before the CC in March and then went up for nine days in a row. The market doesn't have to be rational.