I remember $72 full well. I believe that occurred in the spring of 2004. I worked for MEG from 1973 and retired in 2009. btw... Mario Gabelli owned many shares from $72 all the way down to just over $1. Therefore, I have NO respect for his opinion. I believe this stock could go down to $12 or $13 but I may buy back in around $15 looking for a bounce. This is an election year so, there should be an upswing in the price at some point because of political revenue. Question is, when and for how long.
Don't be so quick to think Tradester a fool. If there is a major market sell off that may happen in March, MEG may very well go down to $12 or $13. A few up days doesn't make a trend. I happen to agree with Tradester so don't get too euphoric! It's all an educated guess anyway and I can see the head and shoulders scenario very possibly happen. If it goes to $12 or $13, I will be loading up again.
I sold my remaining 2900 shares today for $18.97. Including the 2100 shares I sold a few days ago for $17.18, my total profit is $5200. There may be more upside but I couldn't resist taking that profit. It sure was a wild ride though!
I didn't expect the selloff this morning as I thought the report was pretty decent. I still have 2900 shares at a break even of $17.20. I think they will finally show a profit on the next report. 2014 should be a good year, so I will probably hold for a little while.
It is interesting because it went up $1.08 today on average volume. We'll see if there is any follow through tomorrow. I don't think it's gained 2 days in a row since the drop from 23.
No absolute statements but it appears to me that we are very oversold and a rebound looks very likely in the near term. A couple of indicators... very low RSI and the stock price today exceeded the lower Bollinger band. Generally, those two things are very bullish. I bought 2000 shares at $18.94 and I expect to make at least something significant. So, we'll see.
Talk about bad timing! I should have read my own post about revisiting the $15 area. One would have expected a bounce after dropping $1.32 in one day after already falling well over $3. Playing the patience game now.
You may be right however, I'm not there yet. This could take another leg down. The meteoric rise from $15 indicates it could revisit that area. I might take a short term trading chance in the mid 19's. Not sure yet. What was your buy in price?
Too bad JESUS wasn't around for the 2008 & 2012 elections. We sure could have used his help!
Oh, I disagree! You are definitely smart enough. Your mistake was getting greedy and removing your stop order at $15.60. Had you left it is place, you would have profited approx. $1500. We've all made that mistake. Allowing emotions into the equation makes it a difficult game to play. This stock is more about momentum and not fundamentals. I've made a ton of money trading this stock for about 5 or 6 years and I've done that playing momentum both up and down. Having said that, there is no way I would buy at this price even though it has momentum. I believe it is over extended. If not, can't win them all, but I'm not willing to take that risk at current levels.