This message is a personal anecdote from Corinne Kelly, so if you are into "technicals" as opposed to "personals", hit the NEXT button now.
What a day this has been!!! Pat was busy tracking ANCR this morning instead of digging a ditch for a retaining wall, when the price dropped to $23. I'll admit I panicked and muttered, "Why do we continue to put ourselves through this agony?" I then left the room to start my chores. I could hear that Pat was typing, but I didn't realize that he had decided to sell 10,000 shares at the market to ease my mind.
When I returned a few minutes later, he told me what he had done, pointing out that we would still make a hefty profit, no matter what the selling price....He assured me that it was also his choice and not just in response to my concern.
Here's where things get interesting. He pulled up the screen to show me what he had done and we realized that the default key had not been changed from BUY to SELL. We had just PURCHASED 10,000 shares of ANCR at the market!!!
We spent the remainder of the afternoon in the "Day Trader" mode: frantically punching Raging Bull, Quote Com's. Live Charts, SI, Yahoo, and placing strategic sell orders with our on-line broker. This activity resulted in a small profit for today, but it was certainly not worth the stress.
Hopefully we will not experience another day like this, but it has reinforced the idea that ANCR can rally. We still plan to hold our now increased number of shares long term, but we probably need to shut down the computer for longer periods of time and "smell the roses" while the pros at ANCR do their job.
On that note, Pat did talk to Steve Snyder today about the secondary offering and the INTEL demonstration. Mr. Snyder said that the secondary offering had no restrictions and that it is "in play". He said that he had received a few calls of concern from those recent buyers, just to make sure everything was okay. Snyder said that these buyers have bought the long term prospects of ANCR and are not overly concerned about softness in the stock price. Regarding the INTEL demo, the switches used were loaned rather than purchased, of course.
In short, I am glad that this day in the market is over. I plan to spend the rest of this holiday weekend on the golf course, far away from the computer screen. See you on Tuesday....
Corinne
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