Today's action was a simple orchestrated takedown for the sheer purpose of a quick day trade, IMO. Just based upon the whos, the hows, the whats of the action.
These kinds of days have nothing to do with the overall trajectory of the stock.
Rembember, the root of Fibonacci is FIB -- and that's what today's action was -- a flat out lie, having nothing to do with the fundamentals of the company.
You are correct in the most of us have a good sense about where PNCH is going. Most of our LT dollars are not in it for the flip. Personally, I am holding through summer because each month I hold, I shift more into LT gains. I don't know how these guys flip for the ST stuff - Uncle Sam kills me on it. Then again, each is probably small potatos in overall income. The longer I hold, the more goes into my pocket -- and that's great incentive!
I can't wait until Steve blows them all away!!
