I'm long but I've seen this before with other stocks- esp. after a big run like T has had. A stock drifting down everyday and nobody thinks it's a big deal. 10 cents here, 25 cents there, 65 cents on a bad day... before you know it you go from $38 to $32 a little teeny bit at a time. All of a sudden your down over 15% ($38 to $32). This has that ugly feeling to me. $37 has now been broken for the first time in quite a while. T never has good days anymore. Long term (5-10 years) I'm not too concerned, but short term I see some real pain.