No, I wouldn't do that to you guys. I have been teetering on the fence as to whether or not to sell. I have had good luck timing stocks and getting out at the right time - CKGT at $2.90, JADA at $.90 and others, and have made good money doing so. I have sunk those profits into CCME and now am getting my world wrecked. One big part of my problem is that I have a mid-term cash account that I will need to tap at some point, and I don't want to allow that money to go by the wayside.
It is a tough battle. I am long at heart, but can't make sense of what is going on and I have serious concerns over how low this stock can go. I keep telling myself that we will find support and then we fall right through. I don't want to get caught with my pants down sitting at $9 a share asking myself why I didn't see this coming and sell sooner.
Falling through the 200 day MA feels like the nail in the proverbial short term coffin.
I think everyone long CCME will see brighter days, but I can't in good faith make any estimate as to when that might be. God forbid this turns out to be a double dip recession. We've seen how low Chinese stocks can go. 2008 wasn't that long ago.
At some point, if and when things firm up, I may talk myself into a re-entry, but we have been pulling the positive mental attitude stuff for 6 months now. The question that I cannot answer is what does everyone know that we don't? Why would everyone be shorting a stock that looks like a gem? When a stock looks like gold but smells like cow dung, there is usually a good reason for it - but who knows? Not me - not right now anyway.
Cheers.
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