Update - EZM ASR
EZM was an odd one today. Apparently the AMEX was down, but it must have only been for certain brokers because there was trading all day long as far as the chart says. Apparently it came back up around 10:27 because there was some very large volume right then causing a spike in price that created the high for the day of $3.25. It came down quickly to $2.97 and went as low as $2.90. There was also shorting opportunities in the pre-market where the stock touched $3.10 and went down to $2.78. So the good thing is that the problem with the AMEX or brokers hopefully didn't hurt shorting, because I would hope no one shorted at the lows in the pre-market because it was down so much already by that point.
ASR has a lovely chart. Even though I said that it would be worth staying away from this one, I was obviously very wrong. ASR opened at $39.45 at 8:00am, after only reaching highs of $38.64 after hours last night, and fell all day long and hit a low of 37.41, a drop of $2.04 or 5.2%. I would think the DOW being down 141 points probably helped the decline here.
posted by CramerTracker @ 5/11/2006
4 comments
Comments on "Update - EZM ASR"
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Anonymous said ... (May 12, 2006 12:58 AM) :
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Anonymous said ... (May 12, 2006 1:02 AM) :
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CramerTracker said ... (May 12, 2006 8:11 AM) :
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Anonymous said ... (May 18, 2006 4:29 AM) :
post a commentMore on EZM -- My broker told me that institutions use a different exchange to trade this stock so the institutions were able to trade it this morning while the retailers were not.
So all the volume prior to 10:26am was institutional volume which is kinda interesting
Also you say that ASR has a lovely shorting chart which is true but you might want to also mention that it most likely has nothing to do with Cramer and everything to do with the market being down almost 2% for the day.
I watched this one pre-market and it had little trading volume -- Maybe 10,000 shares I think -- To me these stocks with little trading volume seem to be more of a coin flip on which way they will go. Agree?
Thanks for the comments!
I do agree that the trading volume was very light in the pre-market and it certainly makes it hard to get a short in, both to find buyers and to feel confident that it will go down from that point. In those situations it is very much worth just waiting for a spike at 9:30 and short that. Otherwise, shorting in the after hours after the mention works out the best, but obviously hindsight is 20/20.
And not to complain, but I did mention that the DOW was down 141 points and that probably helped the decline :)
Great site lots of usefull infomation here.
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