I agree with Jugs, we differ only a little bit on a best guess on how far the price will drop. I see significant support at $12 and have put in an offer of 500 at $12.05. $11.90 is a support level that if we break it, the next level is the mid $10's. Personally, I only see these dips as buying opportunities. We know the div is SAFE so any opportunity to pick up more is welcome. What I have seen is that it has been much harder to drive the price down on any given day. In the past, you could easily see daily drops of 50 cents ending on the low of the day, now it is much tighter. It feels as if the traders have to work harder to drive the price down by .20 cents each day.
If you have no desire to add to your position and you are on margin, I can see why the drops can be depressing but non of this is much of a surprise. Granted we had hoped that the changes management have made would drive the price higher but I do see a tighter trading range. Previously, we could see daily swings of 50 to 80 cents swing, now it is much tighter.
Jugs previously used the term "compression" and I think this is accurate. On one hand, management has taken great steps to turn the stock around by paying off debt and shedding under performing assets but we still fight the reputation they have of missing guidance.
Personally, I hope we stay low 12's or lower for the next 2 weeks so I can reallocate some cash into my trading account and pick up some more shares.
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