3 p.m. sell off works like a charm. Breaks $11.50 before the close of day
Like clockwork at 3 pm the brokerage firms start selling margin calls that don't come up with cash or have not sold the stock themselves. This will get ugly
With the huge convertible bond that can be converted at any time at $6 to dilute the shares by about a third?
I still think this will sell off to around $11.50 by the close.
Oh yes indeed.....correct prediction before the market opened.
How is that? I predicted $15 last week when I bought in at $5.80? This morning before the market opened I said $12 by end of day. I said the chart would show breaking of $12 by 1 p.m. and that happened at 1 p.m.
I hope I am wrong once, but looks like it will close near $11.50 with the selling at 3-4 p.m. end of day forced margin sales by the brokerage firms when people don't show up with the cash.
This happened at TD Waterhouse 2 weeks ago. that is also what caused the long sell-off after earnings. People selling continuously due to margin calls.
If this breaks $11.50 by 3 p.m., we may break $11 by 4 p.m. with short selling and panicking sellers.
Don't sell at $10....Hold and sell at $6. Okay, and then thank us again. we love newbies like you who call yourself a professional. Bwahahahahaahhahaahhaa