TOUCH-BACKIt looks like the 50 day EMA is providing support. Although this is still easily within the bounds of a healthy consolidation pattern, I personally thought there was enough inertia for the consolidation to be higher and tighter. Then again, I wasn't expecting a 2000 point drop on the Dow, so all, in, it certainly does make some sense. Sigh, hindsight is always glorious!
As I said above, we are still easily within the bounds of a healthy and normal consolidation. While this phase is taking longer to complete (courtesy o the broader market), I still maintain a full 2nd stage run is in the making. Given current market headwinds, this is just taking a little longer to realize.
As well too, we are currently in that netherworld between quarterly reports. Too far now from the 2nd quarter for it to give continued boost (support absolutely, but boost no.), and still a little early for there to be anticipation buying on the 3rd quarter. This netherworld creates its own effect on occasion. People with a shorter timeframe aren't getting their jollies, and may get bored, so to speak. Add in the current general market aroma, and that generalized boredom can be more motivated selling.
No bother. Those same people will be back, which will add to the buying. Personally, I remain very happy with where Bombardier is. That was a HUGE first stage run, and for it to be holding up so well in the fact of a 2000 point market meltdown is absolutely impressive.
We'll have to see what comes. Even today, the stock is showing some resiliance in the face of a further market decline, which is good to see. I've got all the shares I want, and am happy to hold them. However if I had cash that wasn't already committed, the price on Bombardier right now looks very tempting.
Always an interesting market!