Alright, so I just got finished looking at all of the indicators for OVTI and this is what I'm seeing. The RSI (Relative Strength Index) is sitting at 80. When this happens it usually indicates there is going to be a correction soon. Mind you, it looks like there is still some room for this stock to go up before a correction, but the correction looks like it may come in the next couple days if not tomorrow. The Stochastic Oscillator passed through 70 today and started approaching 80 very late today, any move over 70 usually means a reversal is coming. Furthermore, the MFI (Money Flow Indicator) is also approaching 80 which normally indicates a stock is overbought. Now, I'm not a basher or pumper, I'm not trying to convince anyone to short this stock, just letting everyone know what I'm seeing in the indicators. I think this stock is actually on the way back and if you're long this stock at this point you may want to go ahead and hold onto it. However, like I stated earlier, I do believe that a correction is coming soon and the correction could be 4-7%, I'd be surprised if it dropped any further than that. I'm willing to discuss as long as the discussion stays mature. Good luck to all on both sides.
It was due for a correction Monday. That didn't happen. If you think it's due now then by all means buy some puts. You may even be able to get some shortables if you give your broker some lead time. But remember that events are not charted. I would never consider shorting a stock that just reported record earnings. That's just me. Good luck. LQTM
I've expected some kind of correction considering the volume is less than markedly above the average for the last 3 months. Usually there is some kind of short attack coupled with a slam piece by Herb Greenberg and others. Maybe the situation is hinging on Institutions owning 110% of the float. How do shorts cover when the major owners don't put up a sell price? The price action for the last four days is truly bizarre. It should of already sold off on significant volume. Are the hedge funds that short this out of bullets? I bought at 12.79 recently and also hold long term shares, hence the strong buy.
Who cares...is this your job? Daytrading? whatever, most here are in for the long haul,most are investors,let's see where the stock is couple months from here,this used to be a much higher stock with alot worse fundamentals it went down no matter what forever, now it's the shorts turn to take it up the arse.
I'm not saying that the stock is headed downward in the long term. In fact, I said the opposite. I'm just responding to all of the talk on this board regarding what appears to be the idea by the long position holders that this stock is on a rocket and can't be stopped. All I'm saying is that there will be a pullback because the indicators are showing this stock may be overbought. You're obviously long and I think you'll be happy to be long in a couple months, but do you honestly believe that there will not be any pullbacks. I would think if you were a long term investor you would realize that's ridiculous. Yes, the company fundamentals look okay, but there are more ways to make money in the market than holding long positions and for those interested, including smart day and short-term traders, this includes shorting stocks about to enter pullbacks. This isn't a stock to short long term, I'm not saying that at all, but it is a stock that will enter a pullback soon and is therefore a good short candidate for the short term.
Yes, a strong sell because I wasn't holding a long position. The stock will go into a correction. If I had entered into a long position two days ago I would be holding, but I'm shorting because indicators are showing a reversal is coming. Would you care to explain what's laughable about my position?