Today''s TATake this with a grain of salt. On this expected low volume day, Sirit from a TA perspective, has turned up significantly..just as it has done several times over the years on the day following the last tax loss trading day. Thirteen of sixteen TA indicators have turned bullish with a 65/35 potential that it move higher on Friday as well.
The 65% potential to move up on the next trading day is about as positive as it gets. The low volume however would normally cause us to downplay today's move. However, let's not forget that the volume factor between 25 Dec and 1 Jan is mostly small retail...and most folks want a rest from closely following their holdings.
There's one big factor going for longs right now. The tax loss selling has resulted in another large chunk of shares moving from weak to strong hands thus if longs now sit on their hands and do nothing then the supply of shares on the ask will not satisfy the eventual buyers who will only buy back in once the pps turn around is well underway. These buyers don't try to time the bottom..they watch for the pps turn around then start buying in earnest if the price continues to move up. Take note that the 10-day closing price moving average is now moving up after hitting its low on 21/24 December.
Don't be disappointed if Friday's and Monday's trading does little to confirm the reversal...the first two weeks of January will be a much better indicator. In the interim I'm neither buying nor selling as I'm totally tapped out after satisfying myself with another 17,500 shares below 23 cents.