The temptation to sell is strong now that you can most definitely get to declare losses on your tax return for 2013. But think about these three points.
First, if you sell now, you have to wait at least 31 days before you can buy them back, otherwise you create a wash sale and negate any losses you thought you could declare! As you know, giving short sellers 31 days to cover is a very dangerous move. On one hand, you will feel VERY BAD if this stock soars. On the other hand, if you are weak and buy back, you will lose twice. You will pay up AND you will lose your tax loss.
Second, ask yourself, why is there more than normal pressure from people to get you to sell? Hmmm. I suggest you hold.
Third, as always on Wall Street, last years losers are next year's winners. 2014 could very well be the year of Molycorp.
As a short seller who has made a lot of money on this stock, trust me, this stock should be at under $4 by now. Lingering around in the mid 4's for this long only means one thing. Short seller desperation to get retailers to sell. As I said before, ignore the noise. Go enjoy your holidays and save yourself from listening to what those shorties have to say. Happy holidays.
I agree that no one should be selling at these prices. But I would like to clarify something about wash sales, for those who are not familiar with how this works.
never be afraid to sell and buy back simply because of wash sale rules.
you do not actually negate your losses, because when you buy back you get to change your cost basis on the newly bought shares so as to account for the losses on your previous sale. In other words, the sum total of your profits or losses is the same, it is just that the way you account for them is different.
this is only an accounting technicality.
Don't even think about it. All of your losses will go to perverted bashers and their Wall Street Overlords waiting in the restroom, ready to rip a new arsshole for any of their minions who can't get the price down another nickel lmfao