Why? Liquid Name recognition and present media attention. Ax flush with inventory. If he went to the effort to acquire it, he will be eventually disposing of it. Higher. Toss in 10 days to cover for fun. Those are the ingredients. Stir, cover, and simmer until you have aroma. Naturally, to get to $13, you have to get through $15 first. Follow the sequence. Since you have NO postion, as with Fly, why are you asking. Is it the troll in you?
Just look at the 3 month chart At any day it can easily fall 50 cents to 2 dollars. At any rate, you're better off going short rather than long.
Well next week is going to be interesting. Financial institutions are going to report their third quarter numbers. On Tuesday, the Fed is going to speak whether they are going to lower rates and if they are by how much.
the excitement has quickly faded, down from its recent intraday high pretty dramatically. A nice exit for some large players I bet. Is this likely an accumulation / deaccumulation / redistribution of "paper" by AX ??
Possibly accumulation. But the bulk would have been acquired $15 to $20 in the limelight (Which is the only song Rush did that's tolerable) As "he" scared the hell out of some and enticed the amateur shorts to take the cheese while covering HIS own short. Brief sharp moves are always the specialist maneuvering to his objective with minimal public participation. Clear in hindsight. He covered at $15. Semi-round number. By the close he had 25% on whatever amount he snagged long. August 16th. Calendar tells me it's late September. Presently, let's call this either A. Finding support, which, admittedly can take time. B. Evaporation of the flavor of the week. As a special sidenote to my little buddy Fly Fisher, I have buy stops staggered every qtr point from $21 north. This accomplishes two things. 1. IF and when filled, brings my basis down. 2. Brings my stock up (as paper is peddled). Working out of a mis-calcucation with a latent tax asset until then. Just need a gap and/or trend day. IF it can move 5 points in an afternoon on "nothing" IT can move 12 points on a good alibi, particularly if 3 or 4 of it is gap.