The guy is fos.You are right maybe right 50% of time. If wrong he blames technical garbage. I'm really tired seeing the guys bs. The funny thing is he has some people listening like he is a fricken expert.
The bid/ask fluctuations today were the most strange I've seen in awhile. The type of activity related to bottoming or topping. And it sure ain't topping. It just caught a bid of 10k shares at .64.
For the record, I'm long.
Mangovernman, I have watched you provide technical insights with little accuracy about where the stock price is headed. The only value your numbers have been is to tell us where the stock price "has been" and NOT where the price "is going". In fact, I tried to find the predictions you mentioned in an earlier email. The predictions on Sept. 9th, 14th, 16th, and 17th don't exist. What does exist is on Sept. 17. It is your assurance that the stock price will not drop below $.80. A major miss. Using your technical analysis to make it seem like you can predict the future stock price is deceptive. There are others who just might be listening to you when you say "load up". Or you predict a big move to come. So far, you've had alot to say about Hythiam. What I've learned is you're great with the technical terms after the price has moved. And you're insights are of little value to help tell me where the price is going.
Read my post again....I didn't give assurance that the stock would not fall below $0.80...I said that we have to have a close above $0.80 (preferably above $0.84)...and the following day would be a breakout. What actually happen was we had a dilution in shares (something I have no control over) and a close of $0.77....and I said...I didn't like that.
Also, I said that we have support in the 0.50s and 0.60s and you can start adding "some" to your position but that there is still selling pressure until the hourly MACD has a bullish crossover....which is yet to happen. And this is my buy TRIGGER.
And the board is an open discussion area...you do your own DD and add your two cents. Fact is, since Sept 9 I have been accurate with the swing trade and timing [0.54-->0.78 (sept 14-15); 0.60-->0.93 (sept 16-17) not bad for two trades]. Today, I didn't expect it to break 0.65 and I expected it to close at 0.68 based on current patterns. This morning it needed to start above $0.70 to avoid challenging the 0.65 low....it started below that ...consequently, we saw the stock test the next level of support...0.60. But we are still within that range.
True that smaller the float the greater the ability to manipulate the stock price by a few players if they trade 20-30 % of the daily volume. But if you expand your horizon and think on a weekly basis (which I do)...you will notice one thing....Stock was at 0.80...went down to 0.70...then the few people that you say pushed the stock to 0.60 and the value investor that is sitting on the sideline stopped them in their tracks and pushed the stock back up to 0.70...so what did they accomplish over a week ...nothing. You will have volatility in stocks...that is an inherent attribute....individual players can be influential as you say when a penny stock trades 300k or so...but on a weekly basis if 12 to 16 million shares are traded....I cannot see them manipulating the trend in the midterm and longterm.
If a single buyer/seller decides to move the price by trading 20-30% of a days share volume what does that have to do with the float??? The amount of float in Hythiam only substantiates my point. The smaller the float the easier it is to manipulate a low priced stock. The float has little to do with potentially affecting buyer sentiment or manipulation. The share volume traded at a specific price as a percent of total shares traded, not float, is the value which should be watched closely.
Read my post again...I said 12-16 Million..."which is more than 10 % of the float"...the operative word is MORE....My point is when the stock trades more than 10 % the float how can any single individual control the price per share action.....And I agree with you somewhat when we talk about resistance levels....I was looking at that 0.84 close back several months early as a breakout point for now. But short-term from day to day...investors will look at new resistance areas that get established...and resistance is not a fixed entity...it is dynamic and will shift with the trend. And 0.77 is the short-term resistance and 0.84 is the breakout...and I am not talking about just flirting with those values....we need to close above those values to confirm that they have been clearly broken through. And 0.77 is a short term resistance area because everytime we move close to it (0.74 or 0.75) as we have seen the last two days ...we get selling pressure.
That's my point. The volume yesterday was about 1M shares. Again, today, the share volume will be about 1M+ shares. Determining technical anything can be difficult when such small volume can affect sentiment submitted by one or only a few shareholders. You can look back and see what happened, but looking forward is very difficult. Also, the float you use is incorrect. 12 million shares is about 1/3 of the float not 10%. And,please look back to Nov-Dec 2008 and you'll find the resistance which is in play at $.85 and above and not the $.77 you use. During the past year the stock never rose to the Nov-Dec highs of last year which makes them still valid.
Relax...indicators show day and a half more to get out of resistance. The hourly MACD has yet to crossover...yesterday it got close when it passed $0.73 briefly....but briefly will not cut it....For me that is the trigger buy point. Wait and see. The last 10 minutes yesterday when it went from 0.73 to 0.71 caused more selling pressure in the stock.