SU: schrts.co As we talked about all day Friday on this board, the pandemic-sensitive stocks got slammed. Oil, airlines, cruise lines, casinos, etc. What you or I think about the pandemic does not matter; the market thinks it is real, and another wave is coming. So at this point I would be wary of catching a falling knife.
I added to my SU at 23.6, at the end of June. I thought it was in a sustained uptrend, and expected it to bounce at the 50dma. Instead, the pattern changed. This stock will come back: management is buying back shares, paying a decent dividend, leverage is modest. A real business with real profits. So do not worry if the price moves against you for a while.
I plan to add again, when SU stops making new lows for at least a few days, on high volume. At a guess, it is 50% odds the 200dma holds. I have been raising cash, for opportunities like this. |
