MomentumTruth is a lot of people doing this, play momentum and they will ride it until they see it stop. Today, the momentum was really strong and it was poised for a strong breakout.
However, anyone who trades here professionally knows that Joe is here and I think that is what happened today. When word was that Joe was selling then the momentum players left the scene.
He sold only 100 thousand in a 2 million day, which is not a lot, but momentum players aren't going to buy into a holder with that many shares selling any amount.
I e mailed Joe and kind of ripped him. I know it won't do any good, but it felt good anyway. It was cathartic.
jd@mineralfields.com