An ugly day for PSN, could this be a signal of the stock price getting close to the bottom? Of course they dont ring a bell for a direction change but usually stocks that have a huge fall, tend to trend down a bit more and than one last good drop that signifies a good old fashioned house cleaning.
Every holder of PSN is down substantially,some more than others.So every sale is at a loss and today strikes me as a bit of capitulation. I am down huge on this on and I dont tend to average down on my losers.But my gut tells me that we may be getting close to a low(barring no more negative news). It will be,at best, a slow move back if they can right the ship. And I believe they can.It will probably take a few quarters of improving financials but I am hopeful that it can and will be achieved.
Hopefully the weak sisters have kicked this out and the stock is being placed in stonger hands.Logically, whats the point in selling now? How much more damge can it do? Going to zero is only a $3.40 further drop, a pittance compared to the already $10 per share loss.
Just my 2 cents