16Oct12:32 pmEST

Much Ado About Chirping

More news about TWTR hit the tape today--This time it is Steve Ballmer taking a 4% stake in the firm.

The stock is rallying today, perhaps on track for a weekly close over $30 which, as you can see below on the weekly timeframe, would be a baby bird step in the right direction headed into earnings at the end of this month.

Still, I suspect the stock has tons of overhead supply (trapped longs looking for en exit) to negotiate in the coming weeks even if it has bottomed. The ultimate bull case would perhaps be a sizable bullish "breakaway gap" higher (which, by definition, does not get filled), igniting a bull run. 

Until then, the stock's movement in the face of CEO changes and visible shareholders has been insufficient to assume a bottom, for the true bottom may not come until the chirping finally quiets down. 


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