Hard to argue with your strategy, you certainly can't get hurt. Longs will of course tell you that you will not be participating in good news and the upside will be quite a bit larger than the dead cat bounce on bad news. $1.39 will look cheap if they get PIII nod or good trial mos.
It's a good thing PPHM's stock price hasn't gone up then based on your theory!
I love the Fear, Uncertainty and Doubt that is being cast by some on the board. It's good remedy to the Hope, Dreams and Desires by others - namely the little guys. Makes for good reading in these slow times.
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