Around 10:30 this morning I put up 2 posts regarding PPS behavior and that the "200MA" was the next downside Target.
(At the time the 200MA was in th 6.90's)
A also suggested that the 6>50 area, the home of an unfilled gap would a potential next Target should a wimpy CC show up.
Well I got it right except for the source of the next piece of 'wimpy' news.
A potential 'Class Action Lawsuit' Investigation? Announced at 3:01pm on Yahoo ?
There has been only one Class Action Lawsuit (in my experience) that ever returned anything but pennies to the shareholders involved
Two things about that particular lawsuit.
1. It took over 5 years to resolve.
2. The man spearheading the Lawsuit was a frequent Poster to both the
Yahoo and Investor Village Message Boards
who also happened to be an Attorney with the highest of ethics.
From my experience, all other Lawsuits like this one are run by well-dressed slimey self-serving toads.
Notice that this PR ws released at 3:01 ?
Not 9am. Or 10am. Or 4 pm.
Almost perfect timing. Designed to reduce the PPS still further and assist the Lawyers involved with the Court pleadings .
At 3:00 today, the PPS was hovering from 3.17 to 3.6 (on the 5 minute chart.
At 3:45, a whompin' stomping' 202, 562 shares gets traded in that 5 minute period.
And the PPS at that 3:45 to 3:50 mark:
This was the single largest PPS 5 minute move of the day on the single largest 5 minute volume of the day.
This crazy combo of "Financial News" combining with some TA targeting is so common as to be SOP SSDD.