-0.03 (-1.22%)
After being up to $2.55 early in the day, CNIT had very low activity and declined to $2.43 by the close of the session. Today was disappointing because of the failed lift as well as the continued low volume. This now spells 4 consecutive poor sessions for CNIT.
I continue to believe that CNIT is suffering more than its share of pain due to macroeconomic factors that are troubling investors and traders alike. With a current P/E of ~3.50 and bright expectations for growth, CNIT is still a rock solid pick. However, technicals aren't in its favor right now and without a considerable volume of buyers the stock will continue to lag or suffer more.
Today I sold a 7,500 lot for $2.52 which I had bought yesterday at $2.48. This was partly for a quick win and partly because I felt the stock wouldn't hold up for the entire session.
In after hours, some shares were sold at $2.38, indicating CNIT may open in the red tomorrow. That said, the after hours volume was low and may not be reflected in the regular session (perhaps only the opening minutes?).
Unless volume picks up tomorrow I may continue to unload more shares.
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