SSI : Some hope of a bounce, but a big seller still offloading it seems
July 21, 2011 Leave a comment
SSI put up a brave fight at 1.19 Thursday, but there was a big seller in the market at this price, and it remains to be seen if they have enough stock they are willing to sell to derail the current effort of another market maker to force a rebound in the stock.
The stock has stiff resistance to 1.23-1.25, but given flows are picking up to levels last seen in April, entry at 1.18 or so with a 4-5 spread stop looks possible. Some may prefer to wait for it to break above 1.24, but the chances are improving and a move to 1.28-1.30 to start with would not be a surprise. A breach of 1.15 would however be very bad news for the stock on a medium term basis, and would signal to us….’something is very wrong at SSI.’