All right, this latest drop is a reminder to go back to basics: Patience, Discipline, Realistic Optimism, etc.
The MM will do their manipulations with no rhyme and reason at times. Though I think Wall St. is objecting to greater regulations, OPEX (cd be a good thing in putting a bottom to the freefall), and the low volume at the higher prices where there appeared to be no buyers as of late).
Just a reminder to myself and anybody else who can have the longer buy and hold mentality.
History of my April FAS purchases: 1) 10,000 shares FAS at 6.25 2) 5,000 shares FAS at 6.39 3) 10,000 shares FAS at 6.53 4) 5,000 shares FAS at 8.49
Within days, FAS had popped into the 9s and even 10.
I sold 30,000 shares FAS on 4/16/09 at $9.4. Total of sale: $281,985.75.
I was forced to average down and buy while waiting and FAS did not disappoint with the WFC earnings pre-announcement. That was not that long ago.
I am hopeful that there is still good earnings to come for the banks that will not be allowed to fail, for those who can be patient and wait for the next advance that will surely come maybe later than some of us originally estimated.
GL, team. Take heart. Hold fast (FAS) or do whatever you need to do to preserve and grow your capital.
This is why I'm in the market: to become a millionaire. Will not be overnight.
Interesting, what happened to the longer term mentality? Asking myself this question as well. My APWR was meant to stay in IRA for years, so this temporary setback will not be the end result. Will review this in one year, 2 years, t years, etc.
FAS is a trading ETF. But it has worked as a shorter term buy and hold as well.