I have been long here, trading in and out and believe that this stock has a great future. I would like to eventually establish long term position but for now, I earn extra shares by trading it. Here is my view on what is going on here.
Stock is flooded with a bunch of emotional fools that overleveraged and go all in because this time it is different. Any time when you have a crowd that is emotionally charged, you will see nasty things happening to any underlying security they trade. If you read posts on ST you will see that there is a lot of nonsense, naive people jumping up and down, talking about yachts that they already order. With each uptick, they behave like a bunch of kids. Partially that is because they are overextended here and their farm is on the line... Bunch of guys posting pics of cats (have no idea why). Overall that board is a bloody mess and I even hate to go there to sort a pile of garbage trying to find any valuable information.
Well... things do not work this way. To behave like that is against the laws of God and nature. Pride, foolishness, and arrogance will not be unrewarded. So... what I see here that this stock most likely will have another nasty selloff where the majority will bailout. (I think the chance of that is 70-80%). I expect prices to hit near $2 - $2.25 where I will enter back when there is blood on the street.
I understand that people will hate to read this post there and will not agree. But I am not short and not planning to go short. I just see danger and today I waited for a moment to get out. Sold my position @ $3.68. If I was wrong, that is ok. I will find another entry point that is based only on TA. Work the best for me.
I have been debating getting back in myself. But this makes me think twice. Thought this would be a stud but sold shares $4.73 and $5.34. Got spooked by hearing the Lordstown thing was not premature and all the China stuff doesn't help. Thanks for the insight.
Trade2Double
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@wrussell30, You do whatever you want to do. But in any case, do not blame me if this will not go the way I think it will. What I saw in the chart today is the best idea for my knowledge but it is so limited...
wrussell30
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@Trade2Double, we'll see if it gets that cheap it will be tempting after the experience of it being much higher. But I am skeptical since they don't make money and any negative headline can send the stock dropping. It is definitely something to keep an eye on.