RE:RE:RE:RE:RE:OversoldSo, how's everyone's stress levels today? LOL
The Hedge Funds can sure move a stock price when they want to. Isn't it amazing how they piled on this stock in the morning using the negative earnings as a reason to drive the share price down and then a few hours later and after a little Fed speak all of a sudden CPX is back up to nearly yesterday's close. Hmmm, guess the earnings aren't quite as bad after all.
So at this point it looks like another head fake by the masters of deception but this time on the downside versus yesterday's head fake at the upside. So what will tomorrow bring?
Well as I mentioned in my earlier post today, watch the closing price today for a close above $35.35 which will be a key pivot point for whether this thing has bottomed yet or not. Hopefully not too many got dooped into selling their shares at today's low.
The institutions usually get active in the last hour of the day so let's see where they take this. I'm guessing $35.35 is about where CPX closes today but that's after a bit of profit taking by those who bought in the low $34 range this morning, let's see.
HB77