There is a balance and a volume trading higher then normal. If people would stop short selling this stock it would be fine! This stock could easily run back up to eight or nine dollars. There wont be a government take over of this bank either. NBG has the assets to support a come back. They have always performed in the same range as the IRE and RBS. With that said they are worth to much to fail. A takeover of this bank would drop consumer confidence and cause the market to fall even further in Europe. Trade smart and have patience. Like Warren Buffet said "When people are greedy be patient, and when others are scared be greedy!" While everybody is dumping short there are some big firms just waiting to see where to buy in. Let it even out!
Shorting is good for a stock. After all, you need a lot of bears if you want it to go higher. I remember after the 2008 election I figured the country was finished. It is. But I bought a lot anyway because there was a lot of pessimism. Now with NBG I have want to buy but ... there is just not enough selling going on and so all one can do riight now is just watch.
What individual people do does not affect the market as much as you think. A thousand peple shorting a thousand shares have almost no affect on the stock price. It's the professionals and hedge funds trading that
does. This mess for them s a huge opportunity. Any time there are rights, warrants, or convertible bonds issued at this scale, they short the heck out of the stock against, surprise, surprise, the rights, warrants or whatever else was there.
Thanks for the more enlightened feedback. It makes a lot of sense and put things in even more perspective. What are your thoughts in this stock over all. Do you think it's market is to spread, or do you think it will double back to the upside.... give'n some time of course?
LOL, you dont see to understand trading. You have no real buyers here, just MM's trying to hold the price the best they can. If you did, shorts would get buried and be forced to cover.