We're starting to see long-termers cut their losses and trade on fear. I'm tapped out, otherwise I'd be buying.
I'd love to double-down, but right now I think the trend is down, relentlessly. I've been looking for data to support the idea that we've found bottom - that we've caught the falling knife, and I've found dozens of bottoms so far. Here is what I've learnt - MYX has more bottoms than Grindr, as they say
Anyway - that relentless shorting is making the long-termers fear deeper losses, so they're selling - giving the wins to the shorters - driving the cycle. And I keep hearing "when people are greedy, be fearful - when people are fearful, be greedy"...
If you look at the 50 day Simple Moving Average of Close - it's not good. When I bought into MYX I broke one of my cardinal rules: never buy a share trading below it's SMA50. And I kept buying figuring the SMA50 would have to catch up. Then it drops more and the shorters make serious coin. Frankly, if this continues we will see a management buy out around 20 cents - they'd be insane not to. The fundamentals are just too damn good.
So since I can't afford to acquire more, and I know that eventually there will be a management buy-out, I'm going to hold and not worry too much.
