Rory I bought MACR Wednesday off upgrade. It sold off early at open. Got in at $22.23. It ran up to close at $23.02. I should have sold it at close as a daytrade. I got greedy. MACR gapped down Thursday at open & market down; So I sold early at $22.86. It's now at $21.91 after Friday's sell off. Although it looks like a good company. Reporting on upgrade, Piper analyst predicting strong 2005 margins, products saying MACR reward/risk is 156% up to 40% down from $21.86; With a $28 target. With my long investment in SUPG I just don't have the kind of capital to leave invested long term in alot of companies. I wish I did. Rory I read up on ERES and it was a market darling on Wall Street. It's earnings warnings ended that. Hence the sell off from $19 to $12.89. You have to like ERES 25% return on Equity & Capital. I am staying in it though it opened Thursday at $13.64 and hindsight being 20/20 I wish I'd sold then got back in at close Friday. A company I am looking at is KNSY. It's earnings are 10-20 and it's been sold down from $29 to $25.54. It got 3 upgrades in August off raised future earnings guidance. I bought it at $22.75 and sold at $25.85 not seeing it would run up to $29. You get burned on Short term trading sometimes.
"I believe we go down a little from here until Nov. 1"
Excuse me for breaking in here, but if your talking about the market in general, you might want to consider that history does not sup[port your belief. 15 up days vs 8 down days for the rest of October.
That's my thought also. I have been thinking about getting in here again, but I am waiting on it going lower before pulling the trigger. Next time it approaches 5, I'll probably step in.
Of course, all bets are off if it takes a flying leap upwards which, for some weird reason, it tends to do from time to time. If that happens, I'll just try to spot the run quickly and jump in for a quick ride on the momentum train.
For now, it's back on my watch list, but not much else.