Day of mixed feelingWell, fellow SMF longs, I don't know if we should consider today our lucky day or unlucky day?
For the record we are down another 5.6% today, but today's an artificial "correction day". The day started rather harmlessly until everyone over did it and it turned into a 200 point down day - just like that.
Normally the shorters would take this chance to drown SMF again and again. Today's rather unusual, SMF missed it 2011 Q1 production target by quite a bit and it kind of got loss in the avalanche. If management did not time this properly (releasing the bad news today) and instead doing it tomorrow, we could be up for another 5% SP loss tomorrow. LOL.
Based on the SP chart for the last three months I would say we have been capped under $9.50 for sometime. Next time we get close to that I'll have my finger on the sell buttom waiting...................