FWIW, I've exited most of my NTAP long position over the past few days. I will be glad to buy it back at a higher price, but probably won't be buying it back if it goes lower.
For a dire warning, see the 1-year chart of FFIV, and read its message boards. I was in that stock for a while, and got out with a tidy profit at about $60, when it was going down and people were saying it's such a bargain. Now it's $5. Read the SI boards, and at every level people saying that it's a screaming buy... at $50, $40, $30... etc... and now at $5, I guess even more of a screaming buy.
The trend for now on NTAP is definitely down. The shares I continue to hold are long long long term money. As for the rest, I am averse to falling knives. As I said before, the extra expenditure of buying it back at $30 or higher will be well worth the peace of mind.
In the next few months, single digits are somewhat unlikely, but not entirely out of the question.
As always, your mileage may vary. |
