Well, ERTS violated the support at $56 this morning during the general downdraft. Technically that means it has generated a sell signal. It's now below any long or near term support that I can see. It needs to get back over $60 to get healthy again.
I love this comment from Rep. Joe Baca:
"Do you really want your kids assuming the role of a mass murderer or a carjacker while you are away at work?"
Hey Joe, SHOULDN'T THE KIDS BE IN SCHOOL? I agree, this won't fly. Anyway the industry already has it's own voluntary ratings system, SoE was sold with a sticker on the box saying to check the ID of the purchaser, and more and more retailers are already doing this.
The paranoid thought occurs to me that maybe there's something we don't know that's moving the vg stocks so strongly downward, and we'll just find out about it too late. Are earnings an unexpected disappointment? Was John Ricatello seen boarding a plane headed towards Venezuela with a suitcase full of company money? I could go on, but I suspect taking some anti-psychotic meds might be more helpful.
Yes, all the VG stocks seem in some stage of distress today. Could be that non-news news, but it continues to mystify what correlates with price movements for this stock. I just blew a fart 5 minutes ago, and ERTS has risen 25 cents since. I am now eating beans as fast as I can ;-0
More seriously, I'm a bit worried that valuation concerns might be at work here - it's the most rational explanation. But that'll be proved wrong when it risees 5% tomorrow (we hope). This reminds me a little bit of several months ago when, on no apparent news, ERTS slid to 51, only to magically run up past 60 again. Go figure.
It would be interesting to see some revised technicals on this because based on LBEAVERSDORF and RAPHAEL8 postings, I say we still go down, probably to test 50 or lower. It's quite incredible ERTS is able to test these lows right before earnings like this, a testament to how weak she really is I guess!
2 weeks ago, ERTS was testing highs. Amazing.
Thanks (I think!)
In the past 2 or so weeks, ERTS had several Buy and Strong Buy signals yet still went down, maybe the opposite will be true!?!? If I were only that lucky!
This market really sucks right now. Bad market, bad!
Yes, bad market! ERTS was down on a percentage basis earlier today about the same amount as EMC, whose earnings are negative and whose visibility sucks. Either the bashers are right, and it'll get taken apart on a valuations basis, or fear has become so rampant in this market that the glass is currently always viewed not just as half-empty, but as broken. Having bought in again yesterday, I have to feel foolish. But given the volatility of this stock, the (slim) hope remains that by the end of today the precipitous drop may be a passing nightmare. Geez, I already said this stock defies logic and prediction, did it have to prove it so vividly so soon?