Let me suggest this. Buy 5000 more at $1.82 GTC. And another 5000 at $1.63, GTC. And another 5000 at $1.46, GTC. And another at $1.36, GTC.
You'll possibly get the $1.82, and, if the market corrects back to Dow 8600 (which I don't expect), you might get the $1.63. If you sold 10,000 at $2.31, and think the stock is going to $8.50, why not buy back, at the point at which it looks to you like the stock is finishing "basing," which would still be, presumably, at a lower price than you sold out at? Instead of "giving up" on getting your $1.31 price, if you compare MNI's 2010 expected EPS to, say, LEE and GCI (the 2 other premier players in the biz, IMHO), and see that MNI is the least expensive on next year's earnings, why not go back in at even $2.00-2.15...especially if it is still at that level, a mere week or 2 before the 9/30 earnings.
This is my point. There is a RICHER CONTEXT for whether to buy or sell, and at what price to buy or sell than simply setting rigid and doctrinaire price points.
Personally, if MNI is sitting around $2.00-2.15 a week before the earnings release, and I have the capital, I'll probably look to increase my position 25-40%, as I think they can earn as much as 40 cents in the 9/30 quarter, and the Street will take the stock up to new 52 week highs (probably $3.00-4.00), if they do that.
What is your estimate for Q3 on EPS again?
Can you share with this board any concerns you have about "long term damage" to the product MNI is putting out, from all the Draconian cost cutting? Your expertise is solicited.
I bought a good bunch at $1.81-1.82, and flipped about half of them at $1.89, and then $1.99 today. THAT was my point about "scaling in." In intransigently insisting on an UNREASONABLY low price, 95% of the time you will NOT get it. Meanwhile, if you "scale in," and "scale out," you will make more money over the long run.
It's clear to me, with the relative strength in the rest of the newspaper industry (stocks), except for Lee falling out of bed today, before recovering nicely, than MNI has gotten relatively oversold, based upon price to future earnings, which matters most to me.