In my estimation, either the value stock that everyone loves to torture themselves with is in the capitulation stage after a long downtrend, or it is heading to zero. At the risk of not being sufficiently dramatic, I am inclined go with the former scenario. Either way, I am starting to think that the market really believes this firm is a subsidiary of Don Corleone’s Genco Olive Oil company.
The stock is holding $8 thus far today, which marked precise support back in December, 2008. If the bulls cannot hold this level, then a test of the crash 2008 lows below $7 appears to be the next stop. Again, this heavy volume wipeout is actually good news for patient observers looking to get long this stock, since a steep downtrend tends to end in this manner.
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Glad I sold that dog last year for a loss. Now I’m suffering with FRO.
FRO looks like it’s doji-ing out for a reversal.
I sure hope so (-11%). It would help a lot if $BDI would reverse.
That fucking dog… twice now I’ve taken a hit on it. Capitulation my foot. Indeed.
Ha