Clair Voyeur: Please note that my observation pertains to what is called TA(Technical Analysis). It is generally understood that any gap up or down will have to be filled subsequently either near term or long term. It was my observation that there was such a gap up during December '98 and was never filled afterwards. Now I find that this gap has been filled during this drop of the price of ZQK. It is just such an observation that I am bringing to the notice of the board and I am sure others inclined towards TA may also have noticed.
Stock down 2-9/16 to 16 and change on extremely high volume. Right now, I bet that McKnight is on the phone to all of the analysts, and fund/institutional investors, trying to calm nerves. If we see big volume again tomorrow (and my guess is that we will), expect a further drop in the price, testing the $15 support level. Break that, and I'm sorry to say there may be a lot of dark days ahead.
Although we saw higher net sales when compared to the same period last year, more importantly, we saw a drop of over $20 MILLION in sales from last quarter (about 20%). From a trending point of view, this is probably a sign of things to come. Hence, a lack of enthusiasm by the street.
Things to look for tomorrow and next week. See if the institutions dump. High volumes will indicate this. I suspect that some of them lightened their losses today. They had to. With Sept. 30 approaching, they will have to issue reports and needless to say, no one wants to show a poor performing stock in their portfolio.
As always, be careful. This is a very dangerous period.
I just wanted to see what the reaction of Suedynm, Mom, Tiffany and Jack would be. As predicted, high jubilation over so-so numbers. You can't overlook the sector, technicals, etc. The street is not stupid.
We have about 30 minutes left in the trading day, and the ZQK is down 2-5/8 (-15%), and appears to be retesting the low end support of 15 and change.
We'll see what happens for the rest of the day, but my guess is that there will be a bunch of sell at close orders.
Once again, it is not wise to bet against this company. It is firing on all cylinders. Up across the board in all catagories. Congratulations to Bob McKnight and the whole management team on an excellent quarter. I've had this stock since the IPO and have made so much money that it is hard to believe. Try to find another stock outside the tech arena that has performed so well over the past 13 years.
I think you better sell out while you can. Like I have been posting for the last few weeks, if the estimates do not come in at .30 or better, the stock will take a hit. WAS I RIGHT????
Come on people, the techincals don't lie. ZQK failed to "beat the street" and will suffer a major hit tomorrow and next week. Look at PSUN, Gap, Sears, etc. They are all being hit. ZQK will not be any different.
There is a strong resistence at 19.50. The recent support at 18 was broken like a hot knife through butter. We dipped to 15 and change and hit the last support level. Break that, and we will see single digits soon.
Not buying yet...I'll wait until some support shown.