I just had to post this chart. This stock, ABLE, has gone absolutely parabolic this week on no news at all. It’s breaking 12 as I type this. Too bad I didn’t see this a few days ago when it gave a beautiful entry point at $3.30. Here’s what they do (from Briefing.com yesterday):
Unusual Volume: Able Energy rallies 24% on 5.4x avg volume… float 1.1 mln shares (ABLE) 5.39 +1.04 : Able is a holding company for five operating subsidiaries, which are engaged in the retail distribution of, and the provision of services relating to home heating oil, diesel fuel, kerosene, and in addition, Able provides complete HVAC installation and repair.
It’ll probably be a good short once the mania momentum dies but I don’t see any shares available to borrow.
A lot of times when a stock can break $10 for the first time it builds some momentum and carries higher.
Might be worth keeping on the radar to buy on a pull back.
Just a thought…
..I’ve been a trader for quite some time and for the life of me, I just can’t understand why certain stocks like ABLE & GEOI have such parabolic rises. I just don’t get it. Every stock I follow(100′s each and every day) undergo a brutal, vicious, daily war to move just 10 cents..I would be eternally greatful if someone can explain to me who is causing this action..is it institutions, day traders, SAC, Soros? It can’t be day traders cause we would never risk getting in so late in a move..I’m starting to think that I should scrap both technical and fundamental analysis and hunt for low float stocks…