On a day when the market was not doing so hot, GEMS was holding up rather well. Around 3:30 pm, GEMS is hanging in there at 12 1/2 and the NASDAQ index is holding rather steady. GEMS drops a buck in the last 15 minutes-- Looks like about 10 trades of about 7k shares dumped. Just before 4 pm one trade of about 45k shares dumped. Looks like at least 100k shares total dumped at least. Not looking forward to tomorrow's opening.
Buying at twelve in January and selling two months later at 12.375 is not investing. Your were gambling. Don't blame GEMS if you bought on margin. You might as well do a little book making with the Gambino's over the weekend while your at it. I'm sure they'll take your marker. (Pst...I wouldn't pick Stanford)
Additionally, you made .375 per share in less than 90 days. That's an annualized return of more than 12.5%. I realize people have come to expect 30% returns during this bull run but have we collectively gone nuts when we do something like this???
What reasons can there be for such a steep drop in the last minutes of trading? It seem very bearish to me!!! How can this stock be so volatile??? This seems to confirm that this stock can, AND DOES, drop like a rock at a moments notice!!!
Does anybody have an opinion as to what triggered the selling? Could it be an institution getting rid of its shares? If so, why? At this point, I would almost expect this stock to test a new low!!! Let's say 7? Maybe 6, or even 5? Time will tell!