Hey all,
Market is hanging tough, some tech stock correction going on, but that is to be expected considering the massive run in recent months. Oakley is right in it's support level. I had a sell stop at 12 7/8 which was filled at the open. The way OO has traded, if buying power would have been present, it would have opened at 13 or higher, but there are a bunch of sell limits sitting above 13 (INCLUDING YOURS GRASSHOPPER), that are creating an overhead resistance. I put in another buy order at 12 3/8 and have been partially filled (almost all), I love days like today where more weak longs are shaken loose. for OO to break this support, it will take more volume than what is coming in today. It should bounce back up in a few days. See Grass, that is what I was talking about having such a large position. You thought you had a $4,500 profit over the weekend, and as of now you have a $3,000 loss(ALL ON PAPER, unless you sell). If you had taken a smaller position, you could average down easily, but with a large position, you can't without the capital to back it up. I didn't imply that you were putting ALL of your capital at risk, but certainly a fair portion of it relative to the possible declines that can obviously occur. Why not play several stocks rather than putting all your eggs in one or two baskets?
With regard to the UPS strike, Oakley had been prepared for it over a month ago, but thanks for the input anyway.
p.s. While I was typing this, I got confirmation of the rest of my order being filled. (that is called scalping 1/2 a point!) Not to say that it won't drop more, but I missed 50 cents per share of the drop! |
