TB:" stray puppies "
I got T around ~50 when it made a pretty hammer on 05-AUG. It was below its 200d EMA, at an apparent horizontal support, and looked good there. The stock made an attempt to get back up to its 200d EMA but then it tanked, making a lower low, and I knew something was wrong... the tape showed all these 10,000s 20,000s blocks at ASK whenever it tried to rally. I don't recall which bounce I bailed out on, but feeling that I was "fighting the tape", I got out about even.
After that, the only thing I was looking at was that "gap" around ~42.5 that T made last DEC. I began buying-down at around ~46.5, had 1000s of the thing by the time it hit ~42 and, had an order to buy 500s @ 37.75 that never got filled.
When T was at 42.5 Berney, I honestly thought that AT&T had an F/A value of ~47.5, with ~37.5 or, -10% being the stock's absolute downside risk. I worried about T perhaps "rolling around in the dirt", as Paul says, down there around ~40 strike, neither dipping to 37.5 nor rallying past 42.5 - that was my greatest concern; ie., "dead money drift".
Felt like I held the thing for a long time (^_^)
now, talk about your sick puppies... I would be a happy camper to see folks selling stocks and buying bondz in preparation for Y2K angst.
-Steve |
