For all the selling, YMI held strong all afternoon. I tend to think stops got taken out down to natural resistance point...and their she stood all afternoon. I still think this was a'sell the news' event, after an excellent interim report leading to a bit of a run up and subsequent panic sell.... nothing deep just indiscriminate selling out of the day/swing trader camp.
YMI is an excellent company with a real pipeline. If people don't think they'll double or triple their money as this heads into and through PIII and even more on approval then it's good to clean house for everyone concerned. Funny thing is those that sold now want the stock to drop so they can buy back. Just games, compulsive trading. Partnering right about now would be fun.
No lucky guess at all. I said it would hit and potentially bounce off of $1.60 b/c that is where the 200 Day MA (strong support) is. And $1.60 was reached due to this secondary. I had no inside info, I just know how to read a chart. When this stock busted through the 50 Day MA at $1.90 on heavy volume, it was clear we were going to test the 200 Day MA. So far so good in regards to the test. You guys make this way harder than what it is. Pull up a 6 month chart of YMI and stare at it. You would easily see what I am talking about.
"As soon as I saw the chart change, and money leaving this stock, I realized that it would test the 200 Day MA at $1.60-$1.65 since it sliced through the 50 Day MA on huge volume."
I'm more of a believer in YMI testing its 100 Day MA (also 20 Week MA) at 1.78, which it did so on Friday and held. If my analysis is correct (and no secondary comes along to ruin it), the stock price will test this support again before trending upward. I don't think $1.60 is on the horizon at this point.
Thanks the logic behind the statements goes a long way...
I have lightened up this week by 45K shares almost a third of my holdings...
I will begin trading in and out now... it costs me just over a penny to do a round turn on 4K shares or more so picking up 8-10 cents on 20-30 K shares adds u fast... Long term I am still a fan of this stock.
That was clearly before the unexpected drop on heavy volume. Things do change, and as a trader, you have to be ready for them. As soon as I saw the chart change, and money leaving this stock, I realized that it would test the 200 Day MA at $1.60-$1.65 since it sliced through the 50 Day MA on huge volume.
esneeder, as a whopping 23 years old investment guru formally proclaiming a drop down to $1.65 you're front & center on the stage now. If it drops down to $1.65 then that Mercedes you're driving is more likely truly yours... if it does not go below $1.80 as some old farts believe then everyday it hasn't hit your target makes us Longs believe more you work in a car wash washing Mercedes cars wishing you own one. and lets not forget living in Moms basement mowing lawns to buy more YMI at $1.60 ..LMFAO
What you are seeing is an oversold (dead cat) bounce on low volume. Im guessing you got sucked in thinking that this was making a turnaround today. Well if I were you I would sell on this bounce and wait until $1.60 b/c it is coming soon.