I think most people have read that news, but that doesn't explain the big spike up, especially with the S&P downgrade.
I think momentum players just drove the stock up. If you look at today's chart, there were four 15 minute candles that accounted for most of the jumps, including one from $7.15-$7.52 in less than 15 minutes. I noticed a lot of market orders going in at a time causing 6-7 jumps instantly. If a fund is buying, they're not going to place market orders, because they don't want big spikes to happen.
I wonder if MM and some others drove the price up every time they saw a slowing of volume so that they can short at a higher price in the probable tumble the next couple of days.
all mortgage insurers were up though, not just RDN. the next mini resistance is 8.74 or so after it passes 8.16...I think it gets there tomorrow before pausing...course people thought athx would drop after surging again today when it was near 3.5 on the opening and went to 3.12 and was dead for a bit in a tight range til it exploded...and the only news they had today was an upgrade to buy and it goes from up 40% on the opening to up 130% at the close.
>>>I think most people have read that news, but that doesn't explain the big spike up, especially with the S&P downgrade.<<<
I agree. I knew about the housing spike but with the downgrade, RDN shouldn't have jumped like it did today. It could be the downgrade was expected and so what we saw today was a buy the news reaction = short covering. Very strange move.