Sinoval fell for a reason: It just started trading as a new issue and the analysts agree it was overpriced at the offering price. So, like 90% of new issues, it takes a dive. Has nothing to do with the industry or MY. Has everything to do with NEW ISSUE.
So any time one issue trades down heavily in an industry, it can affect the price of competition. Sometimes it drives competition the opposite way, sometime the same way. That's all I see happening with MY as far as the price change today. So I bought in. The next few days will tell the story. Traders can move stocks if given half a chance. But they can't MAINTAIN prices in a range for a long time. That is what institutions can do a lot better with their massive buying/selling power and their DISINTEREST in making prices hop here and there. They can only load up or unload when the market appears stable. And they aren't going to be buying Sinoval just yet. Its shakeout time for the new issue and there's plenty of time to load up on it after it has dropped for a few weeks and reaches a reasonable value. Something, in my opinion MY already has. So if there's any buying right now on the part of smart money, it will be in something other than Sinoval. Maybe MY. We'll just have to watch and see what happens.
Agreed. I just re-entered this morning. This is a great price to enter or double up. This kind of price swing is what makes traders happy they are traders. Or which makes people who hold some on the side to add to a position happy also.
Actually I am waiting for more shares with lower price, but this is a unique clean energy business (private owned) with strong management team and strong support from Chinese government. The stock price of such level could explode at any time, you can play the big swing, but I am not very confident that I can already get cheap shares.