Corrections Corp Of America Dismisses Auditor Andersen
WASHINGTON -(Dow Jones)- Corrections Corp. of America (CXW) said it dismissed auditor Arthur Andersen LLP (X.AAD) on Tuesday and hired Ernst & Young LLP ( X.EYG) to audit its financial statements for 2002.
In a filing Wednesday with the Securities and Exchange Commission, Corrections Corp. of America said Andersen's audits didn't contain any adverse opinions except for explanatory statements in its 2000 and 2001 reports regarding the company's pending debt maturities under its then-existing credit line....
No, thats just the beginning of wave 5 of wave 3. The whole wave should be similar in length or shorter than wave 1 of wave 3 which was April 19 to April 25th. The whole wave 5 should get us up to $21 or $22, but then there will be a pull back (wave 4)perhaps to the $18 region before the big wave 5 comes in to take us even higher.
Disclaimer: Do not try this at home, the trading you see unfold in the next few weeks will be strictly for professionals, mostly on the trading floor. If you are "long" enjoy the ride. And then too, there is the possibility that CCASTAFF could be wrong...
My guess would be that the 30K trade was one of the market makers cleaning the stops. The order or orders were apparently on a short interval down tick which would indicate someone gobbling up juicy morsels. Chances are that there were more than a few stop loss orders at or just below the $16.00 level. This is frequently a precursor to a rally. There was a tiny rally in the final hour some of which was probably short covering, but real short covering is usually accompanied by volume.
Tomorrow�s action at the open will be very revealing.
Not to worry. The technicals are very strong at this point. We are currently in a corrective phase which will probably take us to the $16.30 level, but after that is complete, fasten your seatbelts because we will then make a vigorous attack on the previous high of $19.25 and will most likely penetrate that level before another technical pullback.
Staff - re: your post # 19372
OK, OK, I believe you. Your target of $16.30 has been breeched. Enough already.
When do we start the "vigorous attack"?
I still think 20k volume is low - but it seems to work for you!
Submitted with tongue-in-cheek, but you are correct so far!
Looks like your $16.30 forecast is fast approaching. I have always thought that TA requires a lot more volume than we have been seeing to make a valid assessment and projection. For months now we have been seeing volumes under 100k most days, many under 50k, with trades usually under 1 - 2k, and the odd 3 - 5k here and there (there was one at 18k about a week ago). Today, for example, we have a drop of .68 on under 40k (2:30pm) with two trades at 4k and the rest under 1k.
My question is: can you still depend on your Technical Analysis with this kind of volume (or lack thereof)?
On the other hand you are looking more and more correct in your projection. TA, or just good luck?
One more quick question - after the Annual Meeting and summary report, calculating the trailing cash flow vs the shares o/s we seem to have a very low multiple of approx. 6x. With all our new financing and projected contracts, do you not feel a better share price is warranted? Now, all we need is some genuine marketing to the institutions - as long as they have gotten over our history from several years ago.
Any thoughts on this?