Here it is folks. Its that time of season again, you know what I mean. Its waterfall selloff time. I am up late seeing what happened afterhours and what I can salvage for tommorrow. Which one of these wrecks can I tow away with my truck and try to salvage in just a few hours of the trading day. Sounds difficult, but we might manage. Lets look at the wreck that I just towed in from the road: http://biz.yahoo.com/ap/070108/sprint_outlook.html?.v=14 Sprint - S - http://stockcharts.com/h-sc/ui?s=S&p=W&b=9&g=0&id=p15504092290 This is a tough call. The 200 week moving average was pierced back in August, but the market was more bearish back then. The possibility exists that this could go to 15-16 bucks quick. In afterhours it went to $18.15 on 2.3 million shares of volume. Im going to feel this out on the chart tommorrow. I say it will bounce at 18 dollars. In afterhours, it has already violated the 200 day moving average which demonstrates to me just how messed up the company is. Take note. When it did a waterfall selloff a while back, it went to 16 dollars and then it turned up to 20 dollars in a matter of a few months. An acceptable medium term swing. However, I just want 50 cents to a dollar and then I will hand back my shares to the next guy in line. Ill be up early looking at this. . . 12/14/2006 Cowen & Co. Neutral Outperform Broker cites valuation 11/14/2006 A.G. Edwards Hold Buy Broker cites valuation 10/9/2006 UBS Broker assumes coverage with a neutral rating from a previous buy rating and cuts price target to $20 from $23 8/22/2006 Merrill Lynch Neutral Buy Broker cites no near-term signs of stability. It says channel checks show that customer perception of voice quality continues to deteriorate 8/16/2006 Deutsche Bank Securities Hold Price target set at $17.50
Here is the entire afterhours chart. Looking at the time/sales, there were some 100000 share blocks tossed out there. At the end of the chart, I can see where the value guys stepped in to save it at 18.