I really believe that if someone wants to sell a stock that they should do so, however if you don't really want to sell it, don't put in a stop loss order, even if you believe it's so low that it will never hit. Why? Because the MM's and Institution's can see these orders, and they know how to bring the market down so quickly that you simply cannot react to what they're doing. I believe that happened this morning.
I don't know if we'll close green today, but it's possible. I do know that some investors who really didn't intend to sell today have, and some who really didn't expect to buy at the price they offered today have also purchased. Individually I doubt that either of these groups thought it would necessarily happen today, but the MM's who make such things happen did.
I'm not a believer in buying, or selling something in a manner that causes me to be completely out of control of the purchase or sale. I rarely attempt to purchase a stock at dramatically less than it's currently selling at, or sell a stock for dramatically more than it's selling for. Instead of writing such orders, I watch the stock, if it drops to a level where I want to buy, I put in a buy order that might be slightly above, or below the current price, depending on how much I want to buy it. I do much the same when selling.
If my goal in this stock was selling it at $10, I wouldn't put in an order at that price, rather I'd watch the stock and reconsider whether I wanted to sell as it approached that price. Likewise if I wished to purchase more shares at $.30, I'd rather reassess those thoughts as it approached that price rather than putting in a GTC purchase order and forgetting about it. I don't want the MM to decide when I purchase or sell, I want to make that decision at the time.
Gary
