Dear short sellersIf you shorted when this baby was high then I commend you. COS was the first stock I had ever shorted (always been an uptrend kind of guy).
However, now is a different story. I went long into COS after it slide about 40% so even at today's prices I still feel as if I got a bargain. To be honest the spread of today's price and my avg. price does not really bother me as I am thinking long-term and not short-term.
This stock is too erratic to short at present. Friday's behaviour was indicative as this as it moved in the inverse direction of crude. Also, the dividend cut is already priced into the current SP (or it should be). Speculation of the dividend cut has been in the media already and over the net. In other words, the market is expecting it. I am expecting a similar move to the last dividend cut (the stock shot up a few percent the day of the cut).
If by chance COS dips substantially more I am happy to add to my position while at the same time shorting oil ETFs.
GLTA.