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  • onepoint272 onepoint272 Nov 21, 2012 5:08 PM Flag

    Green Black-Friday

    Yes Chaz I have my horns on, but the shorts lost today. The dumb-money shorts are manifestly worried about weakening momentum and black friday. But all their rants today were in vain; the price range today was 35 cents, big whoop, and they could not close it under the round-number, $8.

    Supply has no doubt dried up, just need demand to come in and Black Friday could be the catalyst to spark a decent upward reaction.

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    • You see, the volume has been weakening however it was heavier than yesterday. So the market recognized the importance of the $8 round-number support. But they could not push it under $8. What you'd expect with increased volume is more price destruction but it didn't happen......the selling was being absorbed at this round-number support. When what you expect doesn't happen, you have to assume the opposite. So, I'm still holding.

      By the way, that statistic of Black Friday (friday after Thanksgiving, 4th friday of Nov) having 75% probability of being green is based on market data going back to 1792.

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