For those searching for reasons, besides the cartel, why STX didn't go up more yesterday there are some technical headwinds it is facing.
First of all the top bollinger band is at $29. For the unwashed masses, that top band is a technical point of upside resistance for many traders.
Secondly, its option expiration week folks and there are over 52,000 open call contracts between $28 and $30 and just 3,878 open puts at $29. FYI, the option elves love to neuter as many option contracts as possible.
Finally, we are in uncharted territory and share prices above $29.60 represent an all time high.
The good news is that options expire on Friday and if we hang around $29, the top bollinger band will move up.
The other technicals look to be bottoming and most ready to go positive:
IMHO, if we can get it to around $31, stock could move up more quickly.
For those of you wondering why the short cartel doesn't let it run here to provide more downside potential, the higher the stock price goes the more capital has to be allocated to the HF computer program running the scam.
FYI, its not just STX and WDC that are victimized by the short cartel. INTC share price is at the same level as it was in late 2007, yet FY12 earnings are more than double FY07 earnings. Similarly, AMAT share price is down from $21 in late 2007 to $11.80 with FY12 earnings similar to FY08.
When historians chronicle the decline of this country, one key factor that should be noted is how the parasites on Wall Street were able to drain away the wealth created by key tech companies to themselves.
"big shots at public companies insider sales is essentially legal"
You are an idiot. You really seriously are.
Insider sales are legal, idiot. Not "essentially legal". Is this literally a news flash for you!!!
Seriously, you really are an idiot.
Yes, of course it is a conspiracy. The entire world is conspiring against you. Every single person on the planet except for your fellow clueless idiots on this board.
for ceos like SL and many many other big shots at public companies insider sales is essentially legal. The conspiracy includes the lawmakers who provide the laws that the ceos and such ask for(with an ocassional tip - of a million here, a million there - since such amounts are small change to these folks - SL only makes 500K a week exercising his 20K shares which vest each week)
why aren't you praising these folks? since that is what you really feel anyhow
Let the games go on. Except in the very short run, share prices are determined by earning power and STX looks to have considerably more earning power than most companies.
We can argue all we want about valuation but at $29+, the stock is a real bargain. I love share buybacks, raising dividends and companies that exceed EPS estimates by a wide margin.
What happens today in the "daily tug of war" is really of small consequence to investing.
It's like an ugly couple swapping spit French kissing under the bleachers with the shorts peaking at them through a knot hole (they didn't pay admission) while the rest of us enjoy the game.