Just a beat down to create a good spot to enter for the earnings run up. JMO
I don't see anything fundamentally wrong here nor technically except that it is oversold. We might see some buying action next week by small hedge funds and others who see the value and anticipate the upcoming earnings release.
Who doesn't think these guys are not going to beat the number handily? The bottom is in for interest rates and housing prices. Inventory is drying up in some large markets and shadow inventory is being slowly released so the banks can further de-leverage in a rising price environment. This is the sweet spot for ELLI to grow. Expedited closings....audit and time management tools in hand to push the process at a fraction of the standard, historical cost model.
Long and very comfortable with a position that I firmed up today when my low buy target triggered. Now is the hard part, patience and waiting.