Bottom line , it is still 28% above the CR price of a few weeks ago. This is good $ for any trader.
Especially considering most applicants in the CR got 100% allocation. Often folks bid for far more than they want as they are generally scaled back in a good CR. Many times folks re using short term funds or even borrowed funds, so there is pressure to take profits and return cash.
Either these folks have washed through or there really is a huge % of very sincere believers who are probably in for the longer term, or at least until the profits are so large the resistance to sell is just too much.
Could go either way, depending on drill data, but I'm reasonably comfortable with the SP action over these past few weeks.
It could have been far worse -a speccy stock and all allocations in a CR are 100% fulfilled.
MGV Price at posting:
7.6¢ Sentiment: Buy Disclosure: Held
