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PetSmart, Inc Message Board

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  • not_a_short not_a_short Dec 17, 1999 1:34 PM Flag

    Why is PETM going down?

    I am not a short-term trader so your technical
    theories about the short-term stock price movements sound
    like a load of BS to me. How long have you been doing
    trading? Not many can make a living day-trading over the
    long haul.

    I wonder if the recent price
    weakness is due to the announcement that earnings will be
    restated for the last quarter. The investing community
    generally frowns upon accounting statements changing after
    they are announced. I am not saying that PETM is doing
    anything wrong, but only that this sort of thing is rather
    unusual (in my experience).

    Not_A_Short

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    • I don`t think so. I sold at 5 5/8. Does`nt look
      like BS to me. Looks like I was right on. I also
      called for the stock to trade under 5 which it has
      already today and will go lower. Reading back into my
      posts you will find that I have been about 90% accurate
      in the predictions of this stock.

      "How long
      have I been trading?"
      I`ve been trading on my own
      for 11 years. Borrowed money to do it which takes
      some balls. In the 11 years of trading on my own I had
      1 year that I broke even and the rest were
      profitable. This year being the most profitable well into the
      6 figure range.
      How about yourself???

      • 2 Replies to bbjke
      • While I have done well over the last 20 years,
        I'm sure most of it has been the constantly rising
        markets. I have found that trying to make money on
        turnarounds like PETM is very difficult. For every winner you
        have many more that don't pan out. Usually the
        successful turnaounds do not experience a reversal like PETM
        has had the last 2 quarters. If a true turnaround is
        underway, the second year shows a strengthening, not a
        weakening.

        You sound quite confident in your abilities. What
        have your annual returns been percentage-wise? What is
        your benchmark for performance?
        What attracted you
        to PETM?

        Not_A_Short

      • so--how about a little sound advise on this stockfor someone like myself...who is totally lost in this arena? What do you predict?

    • The reason this stock may be falling is due to
      the time of year. Most longtermers will start dumping
      their dog stocks this time of year for tax purposes!
      This is the time to clean house and lick your wounds.
      We might not see the bottom on this one for 7-10
      days yet! In ref too your remarks about daytraders,
      YOU must be watching too much TV and DON'T UNDERSTAND
      what trading IS!!! COULD BE A DAY, WEEK, MONTH OR
      MORE!!! EVERY ONE USES DIFFERENT TARGETS!!!

 
PETM
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