I'm trying not to be overly dramatic today; Rarely am I'm involved in such magnitude a drama as this...really not since Sirius was trading for "pennies", and I had to average-down big at $.14-cents; But the dynamics are the same, save for the pristine balance-sheet here, micro-number of shares and a few other biggies. But the short-kill lobby is the same! I don't believe SIRI ever had a 30% short-float though!
I'm tired of the "drama" here, "whether Martinez should defend the stock" or "the sort-cartel heck-bent on decimating the stock; Maybe be true, maybe not, who knows about things that are pure conjecture.
So, that points me to strategy...this stock is very-hard to day-trade, b/c of the volatility, but at this point, my particular strategy is to sell-half during the day, and wait! I'll retain my full position EOD, and in the meantime, look to average-down on a decrease in PPS. I don't know where the bottom may be: $38.58 of yesterday? $38? $35? $32? $28? $25? $10?
Yeah, some of the lower number may be considered extreme and absurd, yet I've seen such in the market before. But I'm just relaying my intra-day strategy to benefit from this sharp-decline. It's risky, b/c this issue moves so fast, and it can easily trick-you into a "buy-now" upward tick; But it's also pretty clear that we are no where near breaking the short-noose of this downtrend. We've had big-high-volume dumps, new 52-wk lows, and it doesn't bode well for the stock; The charts and intra-day action hasn't issued a clear bottom signal.
Take today for instant...there's absolutely no indication that this pounding is near an ending; We failed in the $39.35 region, and volume has picked-up to the downside from roughly 500k at $39 to now 727k in the high $39.70 region! That's a lot of "selling-and-short-selling" at $39, so I see no reason to "jump-all-in-here"; DECK the stock will tell you when we've put-in a bottom, and so far, $39.58 remains in-play, imo. As I write, volume has stabilized in the $39.80 region, so one may nibble, but if $39.70 is breached, look for $39.50, and then we can make further observations.
This day-trading around a core sucks, imo. I dislike it profusely b/c I expressly got-into this stock NOT to have to do it. But I'm fighting for financial survival here, and I'll do what I have to do to "preserve and increase capital"!
GLTUA longs; Haters, schemers and short-sellers have made their bed!
Mid-day update; Selling the big big here; Just saw 8k go through from $38.69/67 Volume seems to be churning around this level; $38.58 was hit earlier today, the exact low from yesterday; A break below that, and I look to see what happens at $38! All-in-all a pretty boring day with DECK, but you can sense that shorts are "licking-their-chops" at the ease here; Bottom-line and my take-away is "we simply aren't there yet" for a long-strong position. Apparently from the way it is trading, we need lower prices to entice buyers! Sad, but apparently true!