What do you think? I purchased 1 share today in the midst of the red sea. I plan on averaging down down the line if price starts falling towards support #2.
@pedronoon99, appreciate it bro there has been some good news within the company this week let's see where we are at next month.
dalehurtt
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I am curious if you were still long. I bought down into the drop and saw it hit the 200 day line and so far has stayed above it.
Redimere_91
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@dalehurtt, I'm definitely long on this one. Did you do an option contract or regular shares? My main conviction is this being a value company and time itself. If you look at the last time Price was near this support zone in March, price shot up. I'm looking for some type of retracement. Not asking for much but some form of retracement is expected in my eyes. My contract expires 2023 and i have 1 share at the moment.
dalehurtt
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@FLEXxPointsx, I bought Oct calls. I scaled in buying 2, 3, then 5. After four down days I decided to buy 10 deep OTM Puts as a hedge. (I read that in Connors as a possible counterplay.) I just started watching WBA, so I was not all that comfortable as to where it would stop.
Funny that AMZN's announcement that they were finally going to jump into the pharmacy game did so much damage to them, CVS, and Rite-Aid, but there was no mention in Yahoo Finance News as to why WBA was being driven down, only that after good earnings, the stock suppression "defied explanation". It was only here that I finally read that the announcement was the same day as the dagger started to fall.
I definitely see it as buying into the fear. First time trying Connors TPS-RSI2 strategy and this is turning out to be a doozy of an example. He talks about how it feels hard buying into a falling stock, especially on the fourth day. I don't see the Puts as a waste because it really looked possible it might break through the support. They were short-term and cheap. Cost of doing business I guess. :)
Redimere_91
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@dalehurtt, Just hang in there my man. Trust the process