Daniel, I think I laid out the risk of "0" a few posts back, in relation to the building optimism in the trading the charts are displaying. I never lost sight of the risk, nor the overwhelmingly bearish perception of the stock, nor the blood that shorts will shed to protect their position. I didn't think the price would collapse so quickly, but, so the cookie crumbles. I managed to get out on the little false rally to 1 ¬, after the dip.
By "buys" I mean trades at the ask. By "sells" I mean trades on the bid. Many people question the validity of the terms "buy" & "sell" here. To me there's a difference. Check the trade logs yourself, or use your head, a good one of which you seem to have. If enough "buys" come through, the ask moves up. Yesterday, there were many large blocks, including 50,000 & 54,000 late in the afternoon. I'm surprised that those "buyers" walked away when one "analyst" said "boo". The volume traded on this pullback isn?t anywhere near what it took to get to $1.50.
It's no big deal for me. It was a buy stop order at 11/16, for when it got over 5/8, so you'll see me buying shares again in the 5/8 - ó range, where the price will find support. This is by no means the end of LWN, though I'm not sure of how or when any restructuring may affect the commons. To me, it remains a great trade, though I strongly feel the trend has shifted upward.
Good luck w/your short position. Don't forget your stops. |
