RE:LIFE GOES ON I have to agree. This stock has gone from distressed to critically wounded. I've seen this a few times.
Much of the assets are "goodwill" but Air Canada's actions have critically wounded the goodwill and management has been incapable to control the freefall.
I was hoping things would resolve themselves but I had to jump out of this plane with my money on this one.
Fortunately, unlike jumping off the plane, I can get back in but someone mentioned "flaming dumpster", why would anyone sink any more money here unless the know the place is not going to go "splat" on the ground? I am normally a positive person and give managment the "benefit of the doubt" but the loss of the three directors on top of the CFO is what has turned me very bearish on this stock. This is another Nortel - losing its clients and no light at the end of the tunnel.
Question for the more seasoned traders here that are good enough to trade these "flaming dumpsters" as you call them. What do all you traders have your bids at? I'm tempted to place one at 75 cents but unless there are some good traders with solid track histories who can honestly "pick the lows", I'd rather say on the sides for now and watch this "spelacular crash" continue from a distance.
This should be a lesson on:
1. Using tight stops
2. Looking at facts instead of hope
3. Not buying in before those magical daily charts tell you. Clearly, they are bearish.
There is no catalyst to reverse the clear downward trend. That catalyst, if it arrives, it will be interesting.