Unusual action in CKCM today
This stock popped up in one of my screens for a swing trade. I didn't pull the trigger, but it is very unusual. Notice the surge of almost a point at the open, with an opening range between 24.50 and nearly 25. Then on very high volume, the price plummets over $1.25 in less than 15 minutes. An alert trader might have picked up the stock around 11:30 or 12 pm only to get hammered later in the day, when at about 3 pm the price nose dives again .75 in about 15 minutes. A little research revealed a very large short interest in this stock, and some innuendo regarding manipulation by analysts and short interest holders. Now there's no way to know whether the innuendo is real or just a plant by a manipulator, but the tape does show some unusual stuff here. From a technical standpoint there appears to be some level of support at the 23 teens. Not something I'm getting involved in yet. One side of me thinks I prefer avoiding meat grinders. Another side notices a prime example of market inefficiency that might be able to be gamed. Played perfectly, this stock could have made over 2.5 points in a single day if you have the deck stacked in your favor.