Replies to post #9963 on SandRidge Energy, Inc. (fka SDOCQ)

[Smilin_B]

Why buy back in yesterday at .076 free or not?

I don't understand your question.

I thought I explained myself sufficiently.

I have been in accumulation mode, purchasing shares of SDOC in the .04's and .05's for quite some time.

Several weeks ago, I scaled out of 75% of those shares at .14 down to .12/share

After taking profits, I was left with the equivalent of 100,000 "Free" shares at a cost basis of .05

I'm still holding those

Out of my total position size (as of yesterday morning), I was holding 300,000+ shares (100K of those free) @.051 cost basis

I sold 150,000 of those shares yesterday @.084

I bought back 100,000 shs @.076 on yesterday's retracement from .087/share

After all, according to certain individuals, I had sold "too soon" and needed to "get back in"

I just prefer to sell high to lock in profits and get back in lower.

So that's precisely what I did.

Before I enter a trade, I have a trading plan and I use discipline to execute it.

If SDOC ran on "ACTUAL COMPANY SPECIFIC NEWS", chances are I wouldn't have sold. I would have just bought on any intraday dips to add to my existing long position.

But, that was not the case yesterday.

SDOC ran exclusively off of the ++ news coming out of Chesapeake Energy (CHK). The underlying bid in WTI crude had little to do with the move (as has always been the case).

SDOC needs $50 - $55/barrel crude in order to be profitable. We are no where near that, and the general concensus is that Crude will be heading back into the $20's. But opinions are like a$$holes. Everyone has one. It's what makes markets.

In any event, today is a day of consolidation. It's part of the stair stepping pattern that technical traders like to see AHEAD of the next leg up, (providing SDOC continues to make a series of higher lows).

Management needs to issue some type of statement concerning efforts being made in satisfying creditors and to convey their latest efforts to shareholders.

Until we hear something "Official" from the company, SDOC will trend sideways to down with occasional pops that will be sold into by me and others holding from lower.

Again, I hope that helps answer your question