Biolidics released some very good news yesterday after the trading halt. The premarket as mounting and it went as high as 0.86 where the previous day closing was 0.71. It was such a powerful news that the waiting process for the stock to release the halt seemed long. Finally, about 3pm plus, the stock released it's halt and Biolidics shot up high 0.885 and in a very fast speed and within 20 minutes or so, it got sold down so heavy to the 0.43 range and encountered another circuit breaker. Why? Because I think the big players were selling on news and they might have know something we don't. As you can see from the 5 minute chart, both Clearbridge and Biolidics were the same movement, same pattern since Biolidics is a spin off from Clearbridge.
From the chart wise, both were similiar. There were fake breakouts and heavy panic selling where traders look to lock in profits while the selling were so forceful that buyers got scared and dare not touch the stock at the moment. In the Top 30 Volume, both stocks dominate the Top 2 and Top 3 where many traders were still looking at it but weren't buying it. Market looks weak today with so many variables floating around and creating that bearish atmosphere. Tough days in trading.
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Ronald K - Market Psychologist - A Stock Market Opportunist
