A Colonoscopy for CanacoI think we witnessed the equivalent to drinking the white barium solution today. Those who were underwater and holding on for a rally finally got fed up and decided to bail into a strong market. When CAN could not hold $1.50, they sold an underperformer to seek better returns elsewhere.
But the irony of the situation is that, once again, the little guy does exactly the opposite of what is required to be ahead of the game. Today's Dow rally got the biggies out of their small funk, but did not do much for many juniors. Typically, there is a lag effect from positive momentum in the seniors to action on the Venture. It may be months before we see the general public back in the Venture Exchange in a big way.
But what we accomplished today was to remove the overhang. Next time there is a rally, we will not have to eat the million shares that were dumped today. When Greed overtakes Fear, we are back in business.