CEYY was a new issue that has a promotion on it and moved up 100% yesterday on massive volume. Today the stock pulled back about 12.5% and consolidated on lower volume than when it ran up. In my experience when a stock runs up and then doesn't immediately sell off and holds 50% of the previous up move, it usually has a chance to try to test the highs and breakout the following day. In this stocks case there are a lot eyes on it and it had some news tonight so it probably can move up tomorrow. The promotion on it is real and it isn't one of these one day things, potentially a week long or more. I think this could go higher, because a lot of people will look to be shorting it and early shorts almost always get squeezed at least once forcing them to buy back the stock at a higher price.
Posts: 35 | From: Florida | Registered: Jan 2011
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