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.
Snugly, I just cannot see 7's I think that is wishful thinking. The trend is still upward. We are still in the upper range on bollinger bands, and we are in the same range we were in at the end of last month begining of this month. Considering retail was one of the best performers, smaller investors are just taking some profit. Down days are always on low volume, not even on our 30 day average volume. Institutional holdings are not lowering positions, because there is no better place to be then retail. The economy cannot comeback without the consumer, and even though the consumer spending will slow; who gains, discounters. Quite frankly, sko has held up the strongest, due to buying pressure, considering this stock has doubled since Jan. This week should prove to be interesting, with another rate cut, and shorts getting nervous. In addition we have earnings coming up in march, and we own a retailer with a trailing p/e of 3.5, and a forward p/e of 7.6, based upon fridays close. The fundamentles are all there, but we are all entitled to our opinion. Good luck.