Not only did the DOW break all of its major support levels, but it broke hard, sending us into the lowest market levels in 12 years. Some say 7000 is a key number. But according to one analyst, true support sits around 5500-5600. This is fairly uncharted waters for most analysts and really noone really knows.
Most blue chips are down at least 30-40%, and small caps are not fairing as well. Obviously this includes IdeaEdge. However there is some good news in all this turmoil, at least for us.
The good news:
Its nice to see that IDAE has maintained its support level at above .40 for the last few weeks. Since the float has increased to over 6MM from 3.9MM, I am surprised to see so many people continuing to hold. Volume has dropped off, but this is a good thing in a turbulent market.
The best part is many funds, institutions and investors have gone into cash and are waiting for the right time and stock to jump into. As Socialwise/Ideaedge picks up steam, it may find a good number of investors looking to recoup their losses.
I still expect IDAE to run hard once it begins moving. Who knows, maybe even past its previous highs. In this market, that would be nice.