Panic Buying
Yesterday was the first time we’ve seen panic buying since February. Some of the moves over the past 5-15 days in the more speculative stocks like CXDC, GOGO etc., have been extreme and they are being driven by very short-term momentum traders and panicked short sellers who are covering. This remains normal bull market behavior but with everything but volatility being overbought, a pause/pullback is now due.
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