snugly, although I appreciate your good wishes for longs, I am questioning your analysis of both the market performance today (you said down) and sko being sucked back down to where you want to begin nibbling back in at 7. The market technically (dow) performed excellently yesterday, and will be up today. Sko, has performed solidly, has sss increasing, interest rates coming down, sko is going to make a profit in a difficult year, and over 92+% of all shares are owned by institutions. Review of the charts will also show a strong upward trend, which will be volitile due too small float. So, help me to understand how we could see 7's?
I envision such a broad downdraft at capitulation that everything gets sucked down temporarily. I have two emotions on this: since I still own 1100 shares I too would welcome higher share prices, but if we get predicted downdraft I have dry powder waiting. I'm certainly not a bear on SKO.
Well it did get sucked down, but not as much as I thought it would, and then it was able to come back nicely from interday lows as the market recovered. But I don't think Friday was capitulation yet either. Does anyone have thoughts about the mid-day large volume sale and drop in price? I wondered if that it might be a fund dumping some to cover redemptions. I saw that same kind of pattern with some stocks I follow. No trend is without short countertrend moves, so I'm looking for another day or so of general market upward moves, before resumption of downtrend. Market has dropped a lot in a short time, so that upward move could be a pretty sharp continuation of the reversal we saw yesterday. This could be a good time to position in advance of further moves to the downside to follow. JMHO. I won't short SKO, but I might take the opportunity to sell my remaining shares at a minimal loss, and try to re-buy later at a lower price later. If it got to mid-7's, I would consider that a good price to again start buying.
Sorry for the spelling of "volatile". Strong upward; look at bollinger bands, on weekly setting. One chart example, showing strength. How can it be volatile? Small float, no news until earnings for huge run. Thus, go down on low volume, build stops above go up and snag'em end unchanged like monday. Or, trend down very slowly let weak hands put their stops out, go down get them come back, but end the day slightly down. All on low volume. Yet, able to maintain trend. No, I was not talking about KSS, thanks :). KM maybe, not KSS.