Back in mid April this year, there was ongoing talk on possible merger news in NOL.
http://stockmarketmindgames.blogspot.sg/2015/04/nol-merger-with-nol-unlikely.html
Back then, I had already ripped $100,000 in NOL before the news was out and was looking to short the stock down instead.
http://stockmarketmindgames.blogspot.sg/2015/05/sunday-times-k-is-for-making-killing.html
Last week, NOL was in the limelight again with an acquisition and takeover possibilities with 2 other companies. They say buy on rumors and sell on news and so yesterday I believed the gossiping rumors was out and the stock gap up heavily in the morning as shown in the attached. While it's not 100% confirmed that the acquisition will go through, by just studying the chart, it revealed that the Big Boys operated this counter smartly by creating a gap up for retailers to chase while they shrewdly book profits and unload some of their shares.
The volume in the daily chart was tremendously high which indicate selling was ongoing throughout the day. In the near term, I not so bullish on this counter because the profit taking from the Big Boys were simply too overpowering. I believe this acquisition talk will still take some time and ongoing before it is all materialized. Deal or No Deal, you decide. :)
Ronald K - Market Psychologist - A Stock Market Opportunist
