closing price will reach in and around 2.95
there's still manipulation by the MM's painting the tape with 100 share seels to bring it down a penny or two only to have buyers bring it back up.
Therefore I'm in agreement with the slow grind theory.
The big money will come in when they see the price stabilize. They'll buy in huge, I believe in the afternoon, ahead of the IMF vote which, imo, is the prelude to $5.
So what the heck, it just may go over $3today.
Good question. I was wondering the same myself.
I am not sure if anyone can predict the price at end of trading today. Keep in mind though that tomorrow is the IMP vote and Friday is the big Junior bond opt-into secured senior bonds.
As I see it, Friday should be huge if the junior bond conversion goes well (hope many will opt in, seems like they have no better choice). That is the day to wait for a very nice pop if all goes well.
The other thing is I believe IRE was around $5? right before the bad news broke about the financial crisis (driven by the bank issues). Now that we have the bailout money for Ireland, the surviving bank giant IRE should go back up to $5 in short order.
Does that make sense to you?