Is this your bullish/biased opinion or the charts talking? Gotta hand it to you that you predicted the 8's back in October. But not sure it's as bullish now as you thought a week ago. But am hoping for a bounce soon.
Bought a bunch of shares at 13.70 and then again at 11.90, thought I was geting a bargain. Holding on for dear life right now. I have a theory that helps me get through my day. Management actually knows exactly what they are doing and that lowering the EPA that was all a part of their master plan. It added fuel to the fire for the shorts and they pounced on the "negative" news like always to drive down the stock price. Skullcandys management knows they will have a great quarter and kill the numbers set out, to FINALLY get rid of these shorts and set the stock up for recrod gains!
I like your optimism but don't think managment is that smart. CEO is selling shares on a fixed schedule and I'm sure he'd prefer to be selling them at double this price as it was back in August. And I don't think the shorts are adding to their positions at these prices, but merely validating their positions. Sure, a solid 4Q will help, but I don't think they were sand bagging on the earnings call. We could all see the decreased margins and increased G&A expenses at 3Q.
Yes Chaz I have my horns on, but the shorts lost today. The dumb-money shorts are manifestly worried about weakening momentum and black friday. But all their rants today were in vain; the price range today was 35 cents, big whoop, and they could not close it under the round-number, $8.
Supply has no doubt dried up, just need demand to come in and Black Friday could be the catalyst to spark a decent upward reaction.
You see, the volume has been weakening however it was heavier than yesterday. So the market recognized the importance of the $8 round-number support. But they could not push it under $8. What you'd expect with increased volume is more price destruction but it didn't happen......the selling was being absorbed at this round-number support. When what you expect doesn't happen, you have to assume the opposite. So, I'm still holding.
By the way, that statistic of Black Friday (friday after Thanksgiving, 4th friday of Nov) having 75% probability of being green is based on market data going back to 1792.