So, you wanna buy a stock? You really want to buy a stock? You can't handle the stock! It has become apparent that we no longer have anyone on that wall looking out for the bulls. The close today was dismal. The month was dismal. The quarter was dismal.
After the bell, XRTX announced strong results, but given the market environment, I am not so certain that it will help the stock any. The after-hours response has been tepid. The midpoint for guidance next quarter is also well above estimates for both EPS and revenue. A weak reaction here would make this one move to the top of my buy list. However, we have to carefully consider market conditions, so scaling in seems appropriate.
Perhaps it will be good if everyone throws in the towel verbally, so that we can get a little lift here. We have finally crossed nicely into oversold territory, and normally, I would be looking for a bounce. But with the holiday weekend approaching I am not so certain. With the technical breakdown of the market, there is that chance that we will find everyone leaning to the short side and find ourselves staring at a snap-back rally.
Tomorrow is a new day, but it seems like the market is starting to finally remember what happened the day before.
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