Early Morning BID of late....Daily, CCO has an encouraging early Morning Bid in the high $12s, close to or above $12.80....It then fizzles as traders drop their Bids leading into the Bell on the hopes of making a few hundred Bucks..and then it sells off on more bottom feeding. That's fine...but in my view, don't expect this to continue for much longer.
it is interesting. I often have noticed a Pattern among many stocks. I see that early Bid as a warning Shot..similarly just as sometimes that early Bid will be frightfully weak. Usually however, in the not-so-far future, that early Bid will be realized...hence I call it a warning shot..to all those who are long or short. When I see it, I pay attention...I see it as a word to the Wise.
I liked the trade on CCO today. Everyone wants the bottom,,now one wants the falling knife.
Buying takes some guts...One learns a great deal about ones self in the Market.
Its like "everyone wants to go to Heaven..but know one wants to Die"
Today, CCO looked strong pre-Bell ( yes, again) then promptly retraced to the $12.50 support...only to close strongly at the high of the day ( importantly near the pre-Bell BID) on decent volume in the last few minutes of Trading.
Of course CCO and all Uraniums trade w' with the price of Oil,,but CCO will leave traders behind soon and will breach $13 and move toward $14 .....where it is very comfortable.
Decade old LOWS don't last forever. You can sit on something for a while, but eventually well run Majors will float and find their well deserved equilibrium.
GLTA