Earnings Stock of the Day: VERI
VERI is reporting earnings today and was chosen to remind traders that IPOs are not usually profitable. It is very rare to have a company that IPOs with high profits and revenue. Therefore, IPOs are generally speculative as this stock was. It IPO’d around the summer of 2017 and ran up for a month to a new all-time high. Retail investors and smaller funds drove price upward due to HFT activity and the encouragement of financial advisors. AccumDist shows smaller funds buying speculatively, creating the momentum run of August into September. HFTs created the huge black engulfing candle at the peak. Smaller funds and the retail crowd “bought on the dip” and have lost a lot of money since then. Preferred Clients sold into the speculative gains.
It is now near the low that should provide stability to the downtrend and eventually commence the bottom formation. There is no bottom yet as there is no Dark Pool Buy Zone™ yet.
There are no major companies reporting today. It is all small to mid-cap companies. Earnings Season is in the final days of reporting.
It is now near the low that should provide stability to the downtrend and eventually commence the bottom formation. There is no bottom yet as there is no Dark Pool Buy Zone™ yet.
There are no major companies reporting today. It is all small to mid-cap companies. Earnings Season is in the final days of reporting.
Martha Stokes, CMT
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