RE: Who's selling? From a technical perspective, support has been reached and bounced 3 times and a solid failed rallied at $4 and failed to make it into that resistence by dropping at $3.72. The more we see support being hit, the more likely it will end and break support. Unlike resistence that has failed to been breeched, the odds of the TSX sell off and consolidation of the SPY will resulted in more downward pricing.
The major sellers were CITI group and CIBC. National bank was the major supporter at $3.00. Stochastic shows there hasn't been a major sell off to reach overbought areas but it is very close. The people who is hanging there are the ones who bought when the company was greater than $5 and they are hoping for a comback and keep buying more at these levels to average out the price. Better to take your money elsewhere to get a better return. If you bought apple in June, where the sell off began, you would have double your money by now where as now you lose more than half your capital.
You keep telling yourself this company has value but do you really think its a good idea to hold on another year or more and miss the opportunity cost of getting better value elsewhere? Sure you can hold until this company goes broke where all assets are liquified for the debtors/shareholders, but do you think you really want to go through that process?
The Shanghai plant won't even start running until after 2012! This stock only good for trading the sideway movements. There is nothing fundamental that changed for this company to demand a higher price! Sell while you can!