RE:Reminds me of my encana sharesFundtrader, Encana was a perfect example of a GREATt contrarian play. It was in a sector with irrational fear, massive street games and momentum shorting, had just been downgraded by street rating clowns etc.
I was there. And vocal! Both BTE and ECA were amazing bottoms!
Buddy, CXR is NOT the same thing! There's a reason why this thing won't up! Count the lawsuits, count the management "highly questionable" actions that several people here call "fraudulent" (I don''t, that's for a judge to decide but I've made my own judgement and why, this is the ONLY short I've done this year!!!!!).
Shorting usually stresses me out but shorting a complete, flaming garbage can is fine because I don't see any firemen around and nobody wants to save a toxic pile of overpriced pills! Who's going to be the white knight here? Hedge Funds??? Yeah, they are probably all shorting this thing going "Hey, when it's $1, do we want to buy this flaming garbage can"
We've been on the same side many, many times on these because you get bottoms a the right time and it bloody lucrative. BUT get good bottoms, not ones full of SHIIT with SHIIT continuing to pour out! This isn't "bagholding", you're being a latrine with your mouth wide open! Stop it man! PLEASE! At best, go sidelines and wait. Craigbad and myself will tel you when we cover and I'll be conservative myself. Always am on the short. I get nervous and I HATE that.
I don't think the professional shorters will cover here. They've said it several times. They are RIDING THIS TO ZERO and they have the FUEL to do it.
They will ride this to zero for 100% profits (no need to buy shares back to repay the guys we borrow them from). I won't because I don't know what big money will do and that's who is driving this bus, not the Directors....
Learn how the street works and adapt. Or your cash will die and your mouth will be full in return.