Just today and tomorrow to get thru. The news for MAGS in the last few months is significant. Revenue and ernings should be more than good when announced. There is no correlation to the tax loss selling and the realities for this company. FYI there is a bid for about 50k to buy at 8.98.
A bounce off 52 week lows back to major resistance does not constitute a bottom. Right now is a great place to add to shorts. All indicators overbought and PPS has snapped back to major resistance. Very predictable stock here, ben.
Wash, rinse, repeat.
Hope you aren't looking for earnings to be the catalyst for a breakout from the norm...the chart is clear that won't be the case. JMHO.
Be careful here, Ben...you underestimate the MadMax factor. 52 week lows will be breached.
Just took out a small short on MAGS...the buggers actually let me in without raping me on the spread. When 52 week lows are tested as many times as this, they almsot always fall. TA 101, Ben. Again, not trying to be rude and I hope you don't take it that way.
Odds greatly favor a nice fall from here. We'll see.
Ben is a phenomenally prolific and shameless bottom caller. His work on the ASEI board, where he called the bottom every 10 dollars down from 90 to 50, is legendary. I find it amazing that people still hang on his every word, but I guess people on the way down want comfort.
Institutional investors and some individual investors were likely unloading some shares to take losses to offset gains they've made elsewhere. Other investors like myself where busy over the last week or two buying up other's "garbage". This is very typical action in a year that most stock did rather well. Magal traded its largest volume of the year during at higher levels. There is no rhyme or reason to why investors sell relentlessly except that they look at idea of selling at a loss and figure they can save or postpone paying taxes by selling that stock and picking another stock that might be ripe for a move.
Early in the day there was a large block of just under 50k shares sold on a downtick. Shortly thereafter an eager buyer showed up and was trying to purchase over 50,000 shares. There was a steady stream of both buyers and sellers all day. I'd expect higher volume again on Friday unless there is a lack of sellers showing up.