Well, folks, I sold the majority of my stock today when we didn't hold support at 8 1/4. I needed to clear some(a lot) of funds for my trading account. I still have a few thousand shares in my long-term account that I don't have to worry about every waking minute. Chalk up today to experience. When we were euphoric, we should have sold, or more prudently bought Sept. or later 10 puts. I don't know how much they were going for, but they must have been cheap that day we closed above 10. Well, not doing that cost me thousands of lost profits. I guess suffice it to say that something like that will not happen again. I get so sick of learning this stock market the hard way!:-)
Now, for the real reason I sold, it is simple really. Because of the negative spin on August sales, I think it is safe to say that on the first week of September, when August sales are relesed, it will not be news to push the stock higher. Then, the next piece of news we can expect after that will be September sales reported in October. Therefore, I think we are basically sitting on dead money at best until then.
Also, I want to be able to act on a money making situation that the market may present to us, i.e. Networker crash in March-April. If I hadn't been up to my gills in Hut back then, I could have made a small fortune. I did do OK with Cisco, but I would have bought much, much more.
Believe me, it killed me to sell today at 8 1/4, when I could have gotten 9 1/2 yesterday, or better yet 10 3/16 on that good news day 2 Thursday's ago. I have been in this stock since last October, and basically, I am tired. I still will be around on this thread, because I still care about the stock(remember I still own some). I think it is a great price for long termers(especially under 8 bucks). But the summer doldrums are about over, and I want some fresh powder to do some damage this fall.
Good luck to us all.
Steve |
