I know this is going to take a turn here in session. Way oversold and below VWAP. CFO had some comments that where realistic and shorts came to pounce on it. Nothing material since they just closed more-than-100% their marketcap with this round of financing.
Looking to 430PM EST as the CEO is live to the nation talking about positive foward looking statements that will hopefully send the shorts home packing.
Load up here and have a 10% stop loss.
Won't be surprised at all if this closes in the Green as the S&P is starting to take a turn.
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The gap is almost fillled right now so should see some sort of short covering this session. If not - I am only adding and averging down.
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Believe it or not - I'm actually still stomaching this noise and loss. And I'm not at all concerned. In fact I will be adding - There are a TON of shorts that need to come home and on any green day will launch us back up to a respectable marketcap.
Lots of cash here and lots of rook for top line growth.
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Definitely maybe should of taken 16% profits before the head and shoulders formed and this followed the markets.
However, I wasn't concerned and only added on the dip. Macy's marketcap is practically there current cash position...theres not even a 3 or 4 x on their top line. This is absurdly undervalued for the retail space.
Don’t you think their is a gap at $8 needs to be filled?
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@A1Bullish, Bears defintely going for that. No matter what - this will be short covered soon. Not concerned and only adding every huge dip. Bears having their 15 minutes of fame here.
vishalniit
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@GeorgeKyriazis, What is recovery timeline to yesterday high you see in charts ?
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@vishalniit, 1 green day and all the shorts cover sending us back well into the green. Bears going to try to fill the gap but all I am doing here is adding.
shorts will cover on ANY green day. We could see a 20-30% day very soon.
A1Bullish
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@GeorgeKyriazis I am buying around $8.17 hopefully!
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@A1Bullish, Looking at futures it might bear trap the gap! It may or may not fill tomorrow - no matter what however, there will be an awesome short cover here.
A1Bullish
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@GeorgeKyriazis I am afraid it may retest the $7 gap but I doubt it retest the $5.2 gap. The market is responding to the Nasdaq 10K level and hopefully it is not the correction many experts are talking about.
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@A1Bullish, you know what its looking more and more like it! I'm optimistic on the next bullish runs (whenever that may be) it will cover shorts and it also has a future.
Will be holding this one long term anyways. I will be adding on a bottom! SPX ftures look horrible right now and going for limit down territory lol
princejigar
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Any new comments or analysis on this stock situation?
GK-Trades
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@princejigar, Adding when the dust settles! Really follows the main indacies so it gets caught up in the noise.
I love Macy's still. When Covid is done this is one of the names I will be holding for 3-5 years and look back and laugh here. Not laughing to the bank yet though by any means....
also dont make this your entire portfolio, I needed a cyclical name and these guys had cash and will be clearing the matured debt soon with the 2 tranches they closed.