I'm outta here
I quietly bought ALYA June 10th,
and I sold my position today for a 51% loss.
Everything associated with that purchase signaled to me that
something was wrong with the share price and how ALYA was being
traded at that time.
On that day I did my usual thing of placing a market order for
1/2 my intended position and then a limit order well below bid
for the rest of the position.
The bid on that day was 1.33.
The ask was 1.38.
My 5,000 share market order filled at a horrifying 1.45.
2 hours later, my 5,000 share under bid of 1.25 also filled.
I, of course, now realize how stupid I was to place a
large market order for a stock as thinly traded as ALYA.
Today, when I sold, I placed a limit order $.01 UNDER the bid of $.69;
ie: my limit was placed at $.68 for all 10,000 shares.
I expected my large order to drive the bid down to $.68;
instead, my entire position sold at $.69.
That is indicative of something, though I'm not sure what.
Now, as to WHY I sold...
There are 4 main reasons in order of importance:
1) I became uncomfortable with the position.
Read my SI bio, this is a deal killer for me.
The discomfort stems mostly from the stupid bickering on this thread.
I realize that it is difficult to maintain harmony in a stock
thread while the stock is dropping in price,
but some people just don't get the concept of what this board is for.
I like the posts of TLWatson, Dr. Medina, Essam, MeDroogies and others
WHEN THEY CONTAIN INFORMATION or even supposition about the stock.
I find Dr. Medina's paranoia about "the shortie" to be quaint.
I used to work for a MM,
and shorting is a required way of doing business.
My opinion is that MM's aren't evil people,
they are just businesspeople trying to make a buck.
TLWatson has valid points too, though I take some as supposition,
and some as fact.
Supposition on this board is as valid a mechanism as fact.
2) I want the money for other positions. My 2 main stocks,
GMGC and SAP are undergoing pivotal moments in their lives right now.
GMGC releases it's long awaited product on July 30 and
SAP goes from the pink sheets to NYSE on Aug 3.
3) I feel there is more room for downside movement in ALYA.
I do my trading using gut feelings. My experience is that,
in the absence of strong news, stocks will usually "oversell"
their traditional support levels during a long slide.
ALYA's support seems to be around $.50.
I expect a buying opportunity at $.42 in mid August.
If you look at my GMGC posts, you'll find that I'm fond of
publishing personal price prognostications.
4) As my buddy from GMGC (Sea Otter) posted,
something still doesn't add up about ALYA.
I agree, and I can't put my finger on what it is.
I wish I could.
For those of you who remain long,
sometimes I sell at the absolute lowpoint.
For your sakes, I hope this is it.
See ya'll in August.
Ray |
