Discussion in 'Stocks' started by saminny, Aug 19, 2010.

  1. saminny


    Any ideas where this stock is heading?

    I went long at 39 and feel it was a big mistake with the way the stock is plummeting now even with low volumes. I think I should get out now take my losses and go short on this. It has caught an absolute bearish trend. I can almost predict where it will be tomorrow with the way it is falling.
  2. ptrjon


    I think $40/share is a fair price for this one as long as things don't get too drastic from a macro standpoint.

    I can't see it going far below 33-34, this area might be a good place to go long- but it also may not get that low.
  3. saminny


    The volumes are so low. Looks like the big investors are creating all the direction. Why do they even have markets open in summer.. haha its should just be a summer break because noone is trading...
  4. saminny


  5. BP's troubles haven't even started yet. They haven't paid the $20-bil in restitution and that hasn't even hit their books yet. Wait til earnings time come around and the stock will plummet to $5.

    Why are people trying to go long on a stock that's diving? How many years do you want to wait to break even, if at all? I've been shorting the heck out of it and going long on a tonne of puts. Make your money now and get out.

    To the OP, yes, cut your losses and start shorting it. Or if you want to go long, why not put it in something that's profitable? Like VMW or CRM. You gotta match the tools you're using to the conditions. Going long on BP now is like trying to cook 10-lbs of pasta in a 2-cup saucepan.