Actually we held up pretty well today considering how bad the current market direction is going. We are much closer to a bottom here on COIN than many other stocks are right now. But to be honest we seem to be in a major market correction down trend, at least until mid November (that is my target for a market low and a rebound as options expire the third week of Nov, then maybe a good rally for 2 weeks, and then another run to test lows into the last 2 weeks of Dec. I expect to see a large volatile trading range trading lower for a while now compared to the last 6 months.
I am holding my stocks like this one, and I bought puts on some oil stocks last week which are already dropping (stocks dropping, puts rising) and I expect them to drop a lot lower based on oil, the dollar, and other market dynamics, which are more predictable than a sometimes news driven stock like COIN.
My idea being to be able to hold my tech / green longs like COIN for the long haul, and protect myself from any losses caused by following the broader market. If my plan works I sell the puts in 2 weeks for a large gain and buy more COIN if it has gone down or is still on sale at today's prices.
I think we still have COIN earnings coming up soon, and some will see the change in the book value that is up 1000% since the new issue!
This stock is selling now for twice the cash it has in the bank, and 1/3 of its recent high! Hell of deal. If you wait a week or 2 to buy you might get a lower price, but you risk news coming out and pushing it back over a dollar any time. Even it drops another 50% (which I seriously doubt) I am far less worried about the long term future of the stock than any one I hold right now. If you are new to the stock I would scale in with buys over the next 2-3 weeks in case it gets 10-20% lower on a few more bad days like today, but in six months I doubt we will ever be below $1 again.
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