"We'll, we had our technical bounce this morning. I hope you were all paying attention. I called $1 bounce and then sharp decline. So far, I've been dead on."
Actually, you are correct up to a point; "So far, I've been dead--" was right. Always wonder why people post their predictions or their other bragging to strangers. It's one thing if you are selling your services, it's another when you are wasting your time.
For what it's worth, when you offer a prediction and it's right, then the person who took it and made money wants another prediction (what can you do for me now, syndrome). When the prediction is wrong, then the person is your enemy. Either way you lose. Hint.
Let me see if I got that right: "I called $1 bounce and than sharp decline"
I assume when you said $1 bounce you meant up? So if that's the case, than the share price should of gone from the openning price of $47.20 to around $48.20 ?? But the high for the day was only $47.70. The price fluxuated around a $1, but that's not what you said, you said it'll bounce $1.
"and than sharp decline" From where? From the high to the low ? yes it did that, But it closed @ $47.09, that's not a sharp decline. From the low, it's a gain of $.37, but from the opening it's a drop of $.11. I'd hardly call that a "sharp decline"
Not that it is important to most on this board but all our "resident" genius is doing is using the 200 day moving ave as his bench mark -- which by the way is around the 44.00 area. The hedge funds are jsut having a good ole time right now. Rathe than try and pick a botom, perhaps this is a good time to do some initial buying. Who knows? EVERYONE HAVE have a great day!
The $1 bounce did happen in early hours of trading exactly like a said it would. MTW gave back most of its earlier gains due to continued downward selling pressure. Any relief rally between here and $44 is a great opportunity to short. At $44 the value hunters will start accumulating positions that will drive the stock north of $50. The play in the near term is short but there is a better long play after we hit my price target of $44.