I hold this stock and its done well but last week or so its been blitzed with no news whatsoever....anyone have any ideas why ?
A bit of an exaggeration I know when I say blitzed but this stock has done nothing but go up so the comedown has been a bit bewildering to say the least ?!
Even only a quick glance at the one year chart and it is obvious there have been a lot of downs over what is an overall upward trend. That is why investors have the expression of buying on the dip. Markets this month have been pretty flat with a lot of high flyers suffering weakness even on good news.
The trend is definitely still up - its way above its 200 day MA and is only 17% off its highs! The rise from about 150 to 220 was too steep and unsustainable so there was bound to be profit taking.
Been watching this one for a while the downtrend doesn't look like it wants to reverse at the moment, anyone any thoughts did it get to far ahead of itself at christmas ? I've also read somewhere about the States having a gambling crackdown which could have a knock on effect to gaming companies.
Still has stacks of cash and the top man bought 40,000 shares last week.
