Take a look at this madness:
Pacific Gas & Electric – – a utility company, for God’s sake – -has been trading like a biotech company whose FDA approval announcement keeps changing for Yes to No every day.
On the one hand, the stock is up 85% since Monday. On the other, even after this bounce, the stock is also down 92% from its peak twenty-five months ago.
What’s interesting about its recent behavior is that, in a curious way, it’s quite predictable. It makes sudden, volume-drenched moves lower and then bounces so that it almost – – but not quite – – closes its price gap.