MXC Sells Off, PDO and FPP Join it, and SINO Heats Up
Well if we hadn’t thought it hit its tops a million times before MXC finally may have topped. It is currently down 25% off its highs. I’d say a 30-35% pull back is extremely fair on a 600-1000% run from bottom…. That would sit it back to the $30 range. But again, anything is possible, it may squeeze back towards $40-42 just to keep shorts on their toes, but I do believe this heads back to where it belongs… and thats not at this level. Theres a point where it gets risky even for those big players that supported the entire move….
PDO and FPP are just following the momentum of the low floats and oil sympathy plays… and its possible that people have caught on to what I mentioned last night regarding SINO !! SINO is up 25% out of the gate this morning! Trading +3.50 on the day. This is a huge gainer not only from open, but from the $11-12’s yesterday in chat! Way to go! To read why I figured SINO would be in play please go HERE.
June 2nd, 2008 at 9:52 pm
[…] on this one. As I thought HERE once it consolidated it would more than likely retest $40. I also expected a 30-35% correction before changing direction. Yes the stock probably doesn’t belong this high, […]