I'd seriously consider putting in stink bids 10 or 12 cents below the previous day's close in the mornings now, during this sell-off.
Volume was way above recent averages today but didn't quite look like capitulation.
If, for example, you put in a bid tomorrow at .85, and IF you were to get filled, you might just be lucky enough to catch the reversal day.
If you get the stock, but it doesn't reverse, you aren't going to get hurt.
Not badly hurt anyways. "
My post was met with scorn.
JohnnyUtah followed up with this typically assinine comment:
" Stink bid...must be taters is back ?? Lmao....mo...maybe you need a stink broker to put the order in....must be one someplace...?????"
jboom70, who doesn't even know me, responded with this:
"Wasn't he some broke washed up trader back at XBC? Didn't some smucks buy him shares LOL"
u30822was far less offensive with this comment:
"The way this stock is trading any bid would be a stink bid....lol"
Let me ask Johnny and jboom this:
" IF you had put in a bid at $.85 on Friday morning and IF you had been filled, wouldn't you feel better for having done that?"
It didn't happen, but it was a definite possibility.
A selling climax, which happens often, and could very easily have happened, would have supplied stock down to the eighties easily.
It's a fact that putting in a bid more than 10% below the previous close when the stock has been hammered such as this one is in fact not a risky practice,
it's a good one.
If there's news before the open, you just cancel the order.
Don't lose sight of the fact that I've never suggested this tactic here before.
Not at $2.50 on the way down, not at $2, not at $1.50, not even at $1.00.
I waited until after the close on Thursday after the at $.97, the lowest close since October 2022.
The stock had made a new year-low that day at $.93.
Thursday's close was the lowest close since October 2022.
This stock is particularly oversold.
Trying to get lucky with a bid 10% below the market in a stock this oversold is a far less risky proposition than many might think.
Frankly I think the timing of my suggestion on Thursday afternoon was pretty good.
Thursday's low at ninety-three cents might turn out to have been the bottom.
We'll wait and see.
The stock is cheap.