My wife and I were in Home Depot last weekend shopping for a new stove. For some reason when a woman looks at something new she needs to buy another new item ''to match''. So we start looking at some fridges. The sales guy says, ''Hey, we won't be selling Maytag anymore so if you can wait a month these will all be on sale."(HD is bringing in LG appliances. Best BUy has also stopped selling Maytag but still sells other brands owned by Maytag) So of course the first thing I do when I get home is pull up a chart of Maytag(MYG). Steady downtrend and hitting new lows. Looks like it's still paying a decent yield (which can go away if things get worse). I'll be watching for the capitulation high volume day. In the past couple years I've grabbed a few stocks like this when they were at new lows. GT, SWK, MO . Maybe MYG will be a winner too. Here's a 3yr chart.
Bless you for posting a chart to back up your opinion. But if you drew a recent channel, you might conclude that the future is bullish.
I pull up MYG at least 2-3 times a week when I'm looking to scalp some shorts. This stock just keeps getting bashed in by the market short steppers with very little buyers stepping up. Obvious piece of crap and your anecdote definitely supports it. Unfortunately with 18% short of float as of Feb 8th, prob 20% by now, this stock is screaming short squeeze. Sorry, but this trade is too easy & crowded, hence bunch of suckas have got to go. Besides that, I think this could be another Win Dixie story. They are already on their way toward consistent negative earnings & the loss of major buyers will simply put them under. Great call whether you end up right or wrong.
Uptik. I would have disagreed with you no matter what you said. For a near term play I would draw the channel as in the attachment. The fact that MYG is stooging around in the middle of that channel without bottoming out suggests that it might recover. Also it's at around number, and it likes round numbers. Haha! Complete bullshit, of course, like all TA.
Shorted this badboy off the open, couple k, kept flipping shares till afternoon. I must have given MYG at least 3 new all time lows. Looks like they are gonna battle it out at 14.60 for a few days. Still think there is a short rip brewing in there but it trades very smooth from the short side.
Long from 15.25 This isn't a day trade. Stop is .50 below the low. I'm looking for the next (GT) (XRX) (SWK) (MO) etc.