I too made a bundle going long today. But I think this is only an impulse reaction to the Russian jet shot down today. I just sold and went short @8.90 because oil has been on a steady down for quite and this spike is news driven. In a couple days oil will continue the downward moves we've been seeing.
Of course I have tight stops in place in case I'm wrong.
Icahn can afford to buy a boatload and just sit on it. He knows that in time he will make 300% or more on his investment. FCX has been around a longtime and has survived much worse than this many times before.
Ya, no joke with these mm's. Just covered the rest of my shares @12.50. The way these dudes operate this could jump back up to 14 or crash to 11 in a heartbeat. I'm just counting my blessings and depositing my cash. Just can't hold a position like this overnight.
Good Luck to everyone holding long shares.
Way WAY overbought here. Already covered half @12.64, probably cover the rest before the close.
Not sure what it will do tomorrow because you can't trust mm's like these guys.
Here's a tip I learned long ago when it comes to entering trade
"It's much easier to ride a horse in the direction it's going"
This is why bottom fishers often don't do well. They try to ride a horse hoping it will be going up when it is actually going down, and then they wonder why they never make any money.
I don't think we'll see single digits tomorrow or even next week. Hit a new low today but recovered to end slightly green, which I feel was mostly due to end of the quarter window dressing by the funds. Expect to resume the steady .25 a day drip down to $10 or below at some point in the future.
My condolences to you my friend. I hope you used money you could afford to lose.
Yes, they will "eventually" rebound, but why hold a loser for what might be several years when you can be short right now and profit from the downfall?
It's pretty much a given that these stocks are going lower.
Day traders were all over this when it was a "hot stock". Looks like they have moved on to other hot stocks.
Time will tell whose opinion is right or wrong. All I know is I feel good about having my profit safely in the bank. You are holding the risk, I hope it works out well for you.
Just because I think it will go down to that level doesn't mean it will. It was clearly overbought and I think it still is, but while there is a lot of interest in this it may have a few more bounces left in it. I suspect in a few weeks it will return to the thinly traded stock it always has been, and when it does you'll see some serious price deteriation.
I sold @18.35, no regrets. This may be a good company, but not nearly good enough to justify the run up after earnings. I didn't short after I sold, but I think the fair value should fall somewhere in the $12-$14 area.
Shorts have nothing to do with it. Stock will fall on its own as more longs sell to prevent further losses and potential buyers will avoid a sinking stock. Give it a week and you'll see 2 dollars or more trimmed off this over-inflated valuation.