Thursday, May 20, 2010 4:10:01 PM
I am not selling one single share. I will burn it to the ground if I have to before I let go.
I know for a fact that today's move scared a lot of people into selling especially those that a couple weeks ago were yelling all over the board how they are so confident this is going to hit $1 before you know it and then run to $15 from there.
I've seen this many, many times before. Some of my bets ended up as 100% losses and on some I had 600% gains. You just don't know but my philosophy is that I am ready to lose it all or make it big. Selling in the middle of the game just doesn't make sense as much as trying to time it. Day trading and charts make sense for big board stocks but I am not sure if it makes any sense for pinkies.
Covering will start once pretty much everybody gives up (for those asking when). General market crash came to MMs as the best thing they could have possibly asked for at this time. What an excuse to drive this thing down 20+ % down i a day. At the same time people all over are freaking out about all other stocks which contributes to general panic.
I've never been calmer looking at red in my portfolio.
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