Decided to change things up here a bit at the old ranch:
Held 2,000 units of CVRR and I've changed my stance. This stock is going lower. There's nothing at all to support it at $8. I can believe we'll see the $6's sooner than $9's.
I've now sold 500 units at $8.00. Then another that came through at $8.025---odd in that Ameritrade tells me the ask must be in increments of 5 cents. I've never seen that before.
When the above sale came through, I put out another 500 for grabs and it came through at $8.03.
A third 500 is out there at $8.05 and I'm waiting. If it goes I will probably liquidate the last 500 units.
My thinking is that this thing isn't going anywhere good. Certainly not in the near term. On the other hand, I'd had a $4,000 gain until the crap hit the fan and I don't like seeing half my gains go up in smoke. So this is about two things:
1. Preserve profits
2. Set it up for a position re-launch---but only when I see the price drop back to less than $7. My earlier cost basis had been $7.08. I'm of the belief we'll print well below that. If we know anything about CVRR, it's that it can't hold a candle to NGL or ALDW. Also, this is absolutely, totally, uglylyly dead money THAT MAY NOT RECOVER FOR A YEAR OR MORE!!!
Good luck, everybody---but if you hold on, be sure to ask yourselves why. If you can't point to distinct positives, then you're probably kidding yourself or just getting old and afraid to grab control of your steering wheel. That's a dangerous state.
PS. Just unloaded the last of my CVRR. Came away with a gain of about half of profits there yesterday. I made a mistake in not selling yesterday as I was certain there'd be no distribution forthcoming. I was foolish in not being more protective of my $4,000 gain. Fortunately I've preserved half of that. And I've regained my seed capital. It's a win-win although not great.
I hope others here will learn from my blunder.
