The One Minute PanicAt 9:58 the stock was at $3.75. Sixty seconds later it was at $3.37, having touched the unbelievable level of $3.12 in the meantime. Shades of the Dow a few months ago when a bad market order was entered and destroyed billions in minutes, causing the biggest points loss in history.
But no one House was responsible today. The volume was not even notable. I guess a bunch of stops got triggered at $3.74 or so and nobody was on the bid.
The consequence, quite naturally, was everybody got spooked and withdrew to watch and see. While I am as bullish on Canaco as most, I had to admit I got caught up in the fear factor, could not bring myself to buy but withstood the urge to bail.
The stock market is a wonderful test. Did we past the test of fright today? Will we pass the greed test tomorrow?
Entertaining as always