Less volume off of a double top breakout from yesterday, with about a 50% retracement today.
Very typical when a stock is trending in a base, in a macro environment with no clear trend in the market.
Simply put, the chart is still in good shape.
If you read the financials put out by the company itself you'll see there has been no growth for many years. It's as simple as that. If you don't want to read them, that is up to you. But usually people that go long read the fianacials first to see whether or not the company is growing.
Good luck though. Don't bother using stops either LOL.
Emotions are tough to fight when it comes to investing. You should consider stops.
By the way, I am a trader, and have been long MAGS probably about 25 times. But the momo is gone for now, so short is the way to play.
What is your average cost, and what is your threshold for pain (exit plan).
how do you know its a no groth story? is the world in the same situation it was 10 years ago? how do you know anything about the company? how do you know they are not trying to grow the company now? you know, when times change, when certain situations occur, new opportunities open up. Look, people like you are only going to help when the company lets out news. Dont think for a second the company insiders dont realize now how their stock price can make them very wealthy.
I agree that PE doesn't matter when a stock has momentum. MAGS currently has none. Therefore PE is currently important. When the momentum and volume picks up, its time to be long. Right now its time to be short.
Use stops and there is nothing to fear.
LOL, wow, that isn't very nice.
That couldn't happen though as I use stops to take any emotion out of trading, as any good trader does.
Do you have a stop for your long position?? If so where and why?
They certainly make money, but the same or less than 5 years ago...where's the growth?? If a security company can't make more money in these times we live in, when will they??
It's a no growth story, therefore what will drive the price higher??