Had literally all my assets tied up in BBRY at an average price of 14.5 . Just sold it all (9600 shares) at 8.70 and 8.69. This was painful but I couldn't take any more losses. No idea how I am going to make it back now. I'm 59 and that was my retirement money to get me to Social Security. I know I'm screwed and I know I'm stupid. I guess this is my mia culpa. I hate my life.
Should have just held and sell calls against your position. I have 4000 shares as well at 13.5, been there and done what you just did. You will be kicking yourself for selling and now chasing higher priced stocks at all all time highs.
You are cutting off your nose to spite your face!!! If everybody that owned shares did what you did, this stock would be crushed even lower. If someone like Prem Watsa did it with as many shares as he controls we could fall below 5 quickly.
You don't understand market makers and options.
If you sell calls, you force the market makers to run out in the market and smash the price down low enough they can make a profit on the shares they have to gather up to fill your order if they get exercised and you can't deliver anymore or sold them becoming a naked call writer. Same with puts. If you buy puts they have to go get the stock to cover those being exercised.
This is all leveraged at 100 to 1 ratios so you are hurting yourself and other big time in leveraged fashion in the end for a tiny bit of income.
I feel the pain, but unfortunately you sold too late when it is near the bottom or at the bottom, it is way over sold, I have traded it this stock for a while, around 16, 15, 14, 11, 10 and now here at 8:70, short are going to be squeezed so hard and feel the pain so bad when everyone realized it is way over sold, at least for short recovery to $11
Gold is at a multi-year low and the US economy & dollar are not exactly on a rising trajectory.
There are many beaten down gold mining stocks that are still making money right now at
waooo.. not the sharpest knife in the drawer are you...
59 and no patience.. did you get in to trade the stock or was it an investment..
Come back at end of year and see if you would have lost it all..
1. You should of held on, the company is not in bad shape as portrayed in baseless negative articles mostly coming out of the US and written by biased irrational Apple fans; however, it was your decision to sell and you have your reasons.
2. I'm sorry you lost $55000 by selling; however, you have $83,500 to invest to try to re-coop some of your losses. That's the nature of the game.
Most companies with this much cash, no debt, good products, and a diversified revenue stream...do not sell for this cheap. This is a gift given to you by the biased media and the shorts for those looking to go long. A normal stock would have dropped maybe 5-10% at most given the financial results BBRY posted. Sorry you sold, but sooner or later the market will start to see the value here and the price will go back up. If they turn profitable, it will go way up as the market begins to factor in future earnings. Currently the market thinks they will never turn a profit and will burn up all their cash and assets, but 3.1 billion is an awful lot of money to burn through and you have to be stupid to think they'd just burn through it without changing strategy and adapting and actually generating some business in the process. This board is populated with paid bashers who are here solely to persuade good people to sell their shares and bring the share price down. Know them for what they are..#$%$.
To cover yourself, you should take your proceeds and buy 96 Jan '15 LEAPS with 12 STRIKE (bid $1.40), this will cost you about $13,440. If the stock does what you thought it was going to do (hit 22 in the next 12 to 18 months) then you will have a position worth $96,000.00 Take the remaining 70k from today's sale and diversify it in a US Dividend ETF and it will likely make you about 8-12% per year over the next 3 years. The BBRY shares have A LOT more value than $8.70 intrinsically, you just need to be patient. That's one way to play it.
Sentiment: Strong Buy