That's probably not such a bad idea. Figure you buy a 100 at 15.25, another 100 if if it falls to 10, and another 100 if it falls to 5. Then if it goes bankrupt or something, you've only lost about $3,000. I've done worse...
Dude, It's a simple short squeeze, and that is all the long side is in this stock, a day trade. I know many relentless bottom pickers might be hoping to find value and get all excited by today's up move, but if you watch the prints and the charts, you will realize that it's just short covers scrambling to close the positions. Almost all the major buying was done through Open Book, in other words, short covers. Too bad I missed it but I made cash shorting him again.
############ MYG is an excellant brand and there is some truth in the lonely MYG repairman. Dont have an opinion on that stock however . However you wife knows one of the larger trends; females want interior things ''to match'' One of my contractor friends said ''my wife always crys when I pick the paint colors!!!'' Told him ''your wife always crys when you pick the paint colors''; YOU should NOT pick the paint colors, especially interior, thats one battle to exspensive to win!!!!!''Let her pick colors Does not wisdom lift up her voice??? Solomon,trader/investor king.
I'm out of the daytrading game but still in a couple hundred shares of MYG...felling nice but do I dump it here or wait to see if we get another offer?