ameritrader -- good question -- SRS did the same thing.
I've been holding positions in bith for many weeks and sold SKF
this morning andf then daytraded it. I sold SRS when it began
to look toppy right before the close. One thing -- SKF was
looking oversold on the daily chart. If not today, it was
getting ready to correct sometime soon. As far as a
fundamental reason having to do with the financial situation, I
don't know.
But financials were oversold and some new would have been seized
upon sometime soon to jusstify a bounce. Maybe SKF still
bounces back here, but if it does, I'd be ready for a more
sustained correction, along with a market bounce.
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ameritrader -- good question --
SKF
Posted by Michael on 12th of Jun 2008 at 09:13 pm
ameritrader -- good question -- SRS did the same thing. I've been holding positions in bith for many weeks and sold SKF this morning andf then daytraded it. I sold SRS when it began to look toppy right before the close. One thing -- SKF was looking oversold on the daily chart. If not today, it was getting ready to correct sometime soon. As far as a fundamental reason having to do with the financial situation, I don't know.
But financials were oversold and some new would have been seized upon sometime soon to jusstify a bounce. Maybe SKF still bounces back here, but if it does, I'd be ready for a more sustained correction, along with a market bounce.