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.
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.
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.
Day traders were all over this when it was a "hot stock". Looks like they have moved on to other hot stocks.
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.
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.
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.
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.