Purely from a TA point of view. I think API will bounce, maybe not tomorrow, but it would be worth looking to see how it tracks against the 200MA (blue line). If you look at the volume below, there are a lot of investors stuck well above 1.53. So they'll either be averaging down, loading up and holding tight.
Was it an over reaction?...I don't think so, the market is brutal and people can move in and out of companies so quickly now on news that should not warrant shut a drop in SP.
I got out today, the news wasn't good, it doesn't mean I won't be back in tomorrow or the next day when things settle back down.
If the SP drops the below the 200MA, then I'll be sitting out and watching for a while ;-)
API Price at posting:
$1.53 Sentiment: Hold Disclosure: Not Held
