Friday, November 6, 2009

EOPI mystery rally, Nov 5, 2009

EOPI long range
EOPI day chart
EOPI 5min chart
I continue screening for high volume movers in the OTC universe. EOPI's recent pattern on the day scale very much resembles UNCO from two weeks ago. We now know that UNCO continued its downward slide since making a similar jump. Unlike EOPI, UNCO's jump was triggered by news. Unlike UNCO (and like IVOT) here we see a sustained rally throughout the day. Having no clue as to what's going on, it's hard to form rational expectations in this case. The only rationality can be the one of studying market's irrationality. So I am filing this curious case here -- I am not ruling out that the interest in the stock may continue. Again, I would test whether one can proceed with taking next day's opening with a positive gap as an intra-day entry trigger the way it could have worked with IVOT.

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