I got out of WCOM at $30, after the sprint deal fell through. Took a beating, as I was in in the low $40's. After watching it continue to fall, and then the fraud announcement, I felt it was the best loss I ever took!
second, ya pays yer money, ya takes yer chances. If'n you don't play, you will never win.
I do not believe in efficient markets, it is all about investor psychology and market makers. If you feel the psychology is bearish, you get bearish. There is just as much money to be made on a down swing as an upswing. It is like playing craps, you are not really playing against the roller, just betting on the roll itself. Fundamentals will always effect the price, but technicals work very good also.