I watched yesterday (12/19) as Nike dropped to the $37.50 range and decided this might be a good time to become an owner. Unfortunately, by the time I had reached my broker the price had rebounded to $39.75. I ended up placing a good till canceled for $38.50. After reading the other posted messages, I'm getting some mixed signals about whether or not this is the appropriate level to buy.
Does anyone have any opinions as to what I should do with my order? Should I cancel and wait for lower prices? Should I leave my buy in for $38.50. Or, should I bite the bullet and buy at current prices (about $40.00)?
It's true that Nike has dropped alot since its peak. But Keep in mind that the company has already forecasted that it will continue to have difficulties for next two quarters. I think the stock price will go sideways accordingly for quite some time. Better put your money elsewhere, and come back in 6 months.