Xebec "took a rest" today", on strangely subdued trading.
It didn't sell off, and it didn't rally. It didn't do anything.
Maybe is a sense it was "waiting for the market to catch up to it".
Think about this.. "How many stocks do you know of that closed today up anywhere near 66% from their lows set 10 weeks ago?" Not many.
By comparison, Greenlane closed today up 4.5% from its low.
Ten weeks ago today Xebec traded at $1.37 and closed at $1.50.
What a gift that was. Some trades actually went through at .67 times book.
Some here were openly speculating that Xebec might not even be a going concern.
The market plays with peoples' heads.
But the stock hasn't suffered from the inevitable selling that invariably follows such a quick surge.
Instead, it's sitting comfortably at $2.28 after forming what can be described as a "bowl-shaped" consolidation over the last 4 weeks.
After rallying 70% in only 5 weeks from the close on March 7th at $1.50 to close at $2.54, the biggest retracement we've seen closing basis has been 17%.
The close at $2.13 on April 27th, down from the close at $2.54.
It's hard to believe. Xebec has been consolidating above $2.00 for over a month now after languishing below it for 2 months.
Xebec didn't participate at all in today's rally.
In a way it makes sense it didn't firm up late in the day.
Why would anyone buy it late in the day when the Dow was already up, and when the big-caps in the sector were already up 7% and 8% and yet Xebec hadn't even moved?
Most people likely thought the markets would sell off on profit-taking, if anything, after such a strong day.
The good news is that the markets haven't sold off.
The futures are actually flat.
It's Xebec's turn to "catch up" today.