Slider, regarding FGII and "getting rich quick," you say you are ready to go long, go deep and let the chips fall where they may. And of course, you are hoping to parlay this into a small fortune. OK, there's nothing wrong with wanting to get rich -- it's a noble pursuit in my book.
But you have also said now in at least a couple of posts that you were waiting for the stocks in this sector to re-test their lows on low volume.
Yesterday FGII not only re-tested its lows of last week, but fell right through them. And volume was not low -- in fact, it may have been an all-time record for FGII, at about 5 times average daily volume. And, when the market bounced at the end of the day, FGII did not.
If you have been waiting for a successful retest of the lows on low volume, then why buy FGII? And why now? Your decision to buy FGII now is not consistent with your test for buying the sector now.
If you want to say it is now time to buy because the lows are being re-tested on low volume, that is fine. If you go out and buy a boatload of FGII now, that is fine. I'm not really directing these comments at you as much as at someone who may read these posts and blindly follow your path.
By the way, I am long a fair amount of FGII. I want FGII to rally. I want FGII to double or triple. But, after yesterday, I don't know where it's going.
Good luck in whatever you decide to do.
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