I said this wouldn't happen for several reasons, but
do know I am winning! The economy is great, because of Obama and my buddy Paul Krugman. We just need more government spending. The sole reason things aren't better is that we have not spent nearly enough. On to RAS, this drop from recent highs should not have happened. It's either caused by the shorts or the market wide drop -- I'll pick the convenient combination when I post my three part autopsy post. Whichever, it will be for some reason even us bearded genuses could not have possibly predicted.
I bought at $7.55 this morning. The price might go lower, but we're probably 12 to 15 days away from the 1Q earnings release and I expect we'll see upward price movement between now and then. I'm looking for at least $8.25 in that time frame.
You are assumably referring to my post, quoted here: "Sold more
by davisfouger • Mar 20, 2013 10:16 AM Flag
Hit my sell order again. Deploying elsewhere. At this point, I own less RAS as a total percentage of my portfolio than at any time in the past 6 years. I'll slowly increase my RAS position if and when that 50 cent drop I predicted occurs. It's good to be me!"
Funny how a poster on this board thinks the sun rises and sets on his corpulence. Chuckle!
BTW, given recent macro and RAS centered developments since my above referenced post, I will wait for 80 cents below my last sell.
First, that's my ghost. You can't take anything he says terribly seriously. If you found the impersonation confusing, complain to Yahoo. They don't take my complaints about the impersonation seriously for some reason.
Second, I obviously never said that RAS wouldn't touch $7.50. I said what I'd do if it got down in that range (note the word range). I did not have a standing order at $7.50, but I did look at making a purchase and decided not to chase the price up. The touch at $7.50 was fairly low volume, so it is unlikely that my order would have hit if I'd had a standing order at $7.50. Most of the orders at that price went unfilled. I'll see what tomorrow brings, but the odds of my being able to buy at or below $7.50 are looking pretty good now.
Kind of nice to see RAS having this much volatility. I had been thinking that I might not get the shares I sold at $7.99 back, but it appears that I probably will.