Look at Myer today, it rallied to 40% in one day. I been watching it with interest for 2 years, where it declined steadily from $1.4 to a low of 35cents before recovering and hovering between 40 to 50 cents. Yesterday it released its financials, which showed the turnaround has failed again and in fact its getting worse, it immediately pushed the price below 40 cents again. Many people were disgusted with this result and started selling, yet it jumped 40% with no news announced other than a tiny $25k on-market share purchase by one the directors (mind you this guy is getting paid $85k a month). I sold mine @47 cents thinking I was clever, only to watch it close 57 cents. MYR just jumped 40% and nobody exactly knows why, people say its "new strategy" or "debt refinancing deal" or "inside buying by Solomon Lew", the point is unless you're a technical analyst there's simply no way to discern the short-term absurdities in price movements.
FIG Price at posting:
11.0¢ Sentiment: Buy Disclosure: Held
