Bottom In I believe the bottom is in. Sentiment supports a bottom as do the technicals. This was a simple ABC correction with the C wave playing out in 5 waves.
A= $3.07-$2.19= $.88
B= $2.19-$2.87= $.68
C= $2.87-$2.09= $.78
C wave divides into the following:
1= $2.87-$2.51= $.36
2= $2.51-$2.74= $.23
3= $2.74-$2.20= $.54 (1.500 x wave 1)
4= $2.20-$2.44= $.24 (equals wave 2)
5= wave 1 @ $2.08. Today's low was $2.09
I would like to see a close above $2.20 today followed by a quick gap fill at $2.42 and $2.45. Alternative counts suggest a bottom at $2.03 or $1.99 but based on what I'm seeing now it looks like $2.09 was it. At $2.20 the stock is trading at a P/E of sub 4, only $.60 more than tangible book value, and is yielding 11%.
parkus