$PLUG crashes down 41% today, and as I look after hours it seems to be down about 50% from the high tick today.
OUCH. I’m sure many people were hurt.
Earlier today, we saw a huge surge in the share price of fuel cell-related companies, Plug Power most prominent among them, on an apparent run-up in revenues in the long-suffering space.
But just before 1 p.m., the rally collapsed in the blink of an eye. Plug Power closed down 41%.
The froth had become large in the space, as other related stocks had moved up as well. “Moved up,” is quite the understatement leading up into the opening high this morning.
I watched Mad Money yesterday, and Jim Cramer talked about the froth in the space. He even talked at his opening today about his commentary yesterday. That the froth has to come out for the bull market to continue.
I wonder what this does to Fear and Greed? Or complacency? I remain mostly in cash, but trading around. I don’t know what the future holds for these stocks, but today was an ugly day.
If you’re long PLUG, what do you do?