Monday, July 11, 2011

7/11/11: $2.45

-0.17 (-6.49%)


Today was another rough day for the markets in general, and for CNIT in particular. Dropping early in the day, CNIT went as low as $2.40 and only recovered to $2.45, struggling all day due to very low volume.

The volume, going just under 240k for the day, is well below the recent daily average and is a serious red flag for the stock. Without demand, clearly CNIT can't continue to move up and profit takers as well as short sellers will drive the stock down.

Today one of my limit buy orders was hit at $2.48. I have another at $2.35 but continued weakness in the overall market is making me reconsider whether continued buying is the right play, as in the next few sessions CNIT could continue to go lower.

On a completely separate note, I adopted two kittens yesterday so have been very busy taking care of them...

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