Perhaps CEU's handling of fraud allegations on today's conf call might have partly played into the sell-off as well and dragged everything down a bit. It is what it is.
Sheesh, these ridiculous fraud allegations are getting old and tired. I hope investors will see through the games some time soon. I am suprised that not all US-listed Chinese micros are bought out and going private at these valuations and with the lack of appeciation.
Early this morning I mentioned that speculation on China raising rate played a role in the selloff. I first heard about this news before 6AM on satellite radio. The last time the speculation of China tightening took GFRE from $14 to $9 and china bashing pushed it under $7. That was a 50% haircut. This time the selloff was coupled with profits taking. If history is a guide, it should go down more. The good thing this time is that some investors/funds had enough of being scared from the last selloff and are now somewhat immune. Money has started flowing back to Chinese micros in the last several weeks and GFRE is expecting good news. Hopeful, these good news help soften the blow. Believe whenever there is a threat of increase of interest rate stocks will get hammered. The only question is how much the pain will be.
disagree Vip. the cognescenti already expect the 1/4 pt. i don't believe that's going to take the market by surprise. this market has proven itself tenacious. i agree that GFRE "may" go back down to test the 9.80 area, but that's it. there is now strong interest in this stock, combined with the buyback and shorts that are eager to cover. if this had happened at any other time during the last 10 months, this volume could not have occurred ... there just wouldn't have been enough buying pressure to sustain the selling. i'm not trying to spin this into a positive techical event, but this stock is clearly on the radar of those with money, and that provides a put of sorts.
good luck. now get JGBO to move up 80%, and give up a 1/5th of it.
Irbbping,sorry,I wasn't addressing your comments....was just looking for a suitable place on the shelf to place my message.I was just stressing that if today's sell off was based on insider information then those involved would have reached a point of no return.I personally have yet to sell a single GFRE share since entry and was aggressively adding to my position today.
GFRE has always been very good about responding to investor concerns...almost like they read this board sometimes. It will be interesting to see if they respond to today's selloff in some fashion...?!!
double volume.......i love dat good chit. smart money is flocking into the stock.......sooooooo boolish.........allways taking advantage of flash crashes........u remember that one???? lol.......twas a buy wasnt it......scared da chit outa everybody.......snort