Bought @ 42 today, 10% of my portfolio.
After my limit buy at 41 didn't quite clear recently, I upped my price a point, and just got it. Today, I've been watching the markets very closely (I've been building a large short position in QQQ for months, and am very close to covering it today). WCOM held up early against the general bloodbath, and then capitulated. This does have the smell of capitulation: fear and uncertainty, in equal parts, overwhelming all rational thought. I still have limit buy orders at 36 and 31. If they clear, WCOM will be 20% of my portfolio. And if we go still lower, I'll just keep buying. It's hard to time the exact moment of maximum despair, but I think we're close.
FWIW, I was also expecting a bounce in QQQ today, to form the right shoulder.
If this keeps up, I may even buy MSFT. When was the last time that stock was out of favor, hitting 52-week lows as mutual funds "reevaluated the companies' prospects", and unloaded long-term positions? |
