Bill,
You watch a lot of similar things that I do, do you also watch the candlesticks..?? When I saw the big volume, I went and looked at the chart.I'm not a profeessional chartist by any means, but it looked like a bottom.The convincing thing to me was the insider purchasing at 9 { not too bright on their part with the tax selling still not finished }.And they did buy only a few weeks before the pre-announcement of earnings.I prefer the early announcement rather than the day scheduled.The price of the stock already reflected an earnings disappointment, and it has been corrected on Yahoo, supposed to make 00, maybe they'll make a penny or two.
When insiders buy, it's for 1 reason only, they believe in the company.
When insiders sell it can be for many reasons, buy a car, house,
send a kid to college,divorce, etc..
I also seem to have the same problem as you, I buy too early and sometimes the wait for a winner is longer.I've been reading Gary Smith at the thestreet.com, he's a real good technician, the site is well worth the $90 a year.He trades on breakouts from consolidation.
He gives up some of his profits that way as he doesn't pick the bottom, but he also doesn't sit on dead money as long.
What else do you own, or looking to maybe take a position in.I only have a small position here, I own mostly oil services, and I might be early there too.
Buzzy |
