Pretty much told you guys exactly what was going to happen (see July 29 post) but you like to argue with the trolls. It is now likely at the bottom of a tight trading range (18-20) for awhile but it will move higher into the next earnings and then we will see. If it can hit the numbers the gains will be substantial. If not, game over.
These kind of beat downs generally follow the script. A short lived attempt to move higher, a drift lower (5-10%), consolidation for a month and a move higher into the next earnings report if the fundamentals appear to be intact.
It might see 23, but it will probably see 18-19 before 30. Investors should hold on, traders should move on.
Downside is likely limited but so is upside for awhile.
I have no position (yet). But I'm pretty sure shorts ARE NOT covering yet. I planned to take some down around 23 for a bounce but this is just ugly right now. I'll hold for 20ish at which point shorts might be inclined to take profits.
Closes over 25. There will be plenty of protection from institutions at this level. It might base for a few weeks down here, especially if the market corrects, but this will trade 35-40 by the end of the year. Weak hands get chased out, growth story intact, upside is substantial. Way too early for sector to come under pressure.