"I went on the www.Stockcharts.com and was surprised to see NOT is pegged at a Prelim. Bearish Obj. price of $1.25. Last month it was at $15.75. FNC is pegged at $7.25. Comments and views on this would be appreciated."
Firstly, I'd be a little concerned/annoyed if I were one of the accumulators who had picked up 100k, for example, well above $3, to say nothing of the myriad other M.M.s who did similar purchases. Something indicates to me that these folks are pretty certain about a reasonable bottom range. Secondly, imagine the butterflies a newbie would feel looking at that "1.25" after they just bought between 3.25-6.00. Would kinda make you want to get out fast before it tanked eh? Hmmm a typo maybe?
On the other hand, is it a number the M.M.s would certainly try to take it to between now and news, happily buying all the way down? Perhaps they were pleased to buy at 3+ and would simply consider it gravy to get it even lower.
In either scenario one needs to either be happy sitting tight or to be in a position to buy more if it hits these predicted targets. To me it feels like news this week given last weeks active accumulation. Time will tell.
