I sold today @ $2.97 for a $1700 loss. This trade didn't work out, but I didn't want to go into earnings holding these shares. The loss could have been much worse. I'm not willing to take that chance. This stock could see low 2's very easily.
I bought about 10,000 shares today...will continue to buy. It's now cheap as the TV stations are too attractive and they aren't going BK...the banks will want to work this out with them.
So for all the folks smart enough to buy right now...enjoy the next 12-24 months...we will do very well. Won't be a straigt line but we'll be fine. Reminds me of when i was buying Supervalu at $7 and rode it to $10...same fear and will be the same result.
I'm only looking for a short term (few days) trade. I want to be out before earnings on July 18. If you think the last few years of reports have been ugly, I suspect this one will rank up there with the worst. You may be right about the longer term prospects as a result of Olympics, elections, etc. but I believe we are likely to see low 2's very soon. We still need to fill that gap from 2009. Look at the chart how it jumped from $2 to $4 in one day. $2 would probably be a level to load up for next year.