INT needed a good flushThis kind of volatility does two things, one it attracts the momo crowd, which in a way is good because it provides liquidity, and two, it shakes out the nervous longs, which as we can see is exactly what happened.
That INT chart on the HSM
Canadian Stocks section which showed the resistance/support levels got taken out hard, so all those traders who had stop losses based upon that support got whacked.
That little rebound on Friday will an important range to watch, that $1.00 area is a nice round number, you want to be sure that those lows from Friday hold on the next test (if they get tested).
Two scenarios to consider: 1) the sellers are out, there is a vacuum to the upside in which case next week should drift higher, or 2) this selling could be indicating a new seller hitting the market, in which case they will need to work through their shares before any uptrend could continue. All will become clearer this coming week.