The decision to scratch our long position last week at 16.24 has proven timely, since the stock has once again disappointed with a vengeance. If there was a telltale, it was the chicken-hearted failure, by two cents, of March 21’s recovery high to surpass the small peak at 17.22 recorded five weeks earlier (see inset). A worrisome sign initially, the threat became ‘actualized’ by the subsequent creation of a bearish impulse leg on the hourly chart three days later. We’ll keep trying, since someday this vehicle will be worth its weight in gold. For now, though, we’ll let it sink down to new multiyear lows below $15 before we go bottom-fishing.
