MindChamps, a stock which I had been watching for almost 2 weeks really got disappointing. It was heavily eaten up for the first 2 days after it debut it's trading and thereafter, the buying interested diminished tremendously. I checked the buyers for the break out and it was Merrill Lynch which got hold of a big bulk but since then there were no more supports and the stock kept drifting away and hit a all time low, a low that was below the buy price of Merrill Lynch.
I will still monitor this counter but I need to see some evidence of the BBs wanting to support this counter before taking a long position. Unfortunately, there is no way one can short this counter as there are no scripts so I think patience to wait out for quality buyers is the key for this stock now.
Ronald K - Market Psychologist - A Stock Market Opportunist
