board room radio, page-10

Ron,

Well I gave up trying to read market tea leaves and drilling crystal balls a long time ago. I now try to buy or sell when most of my position is covered by certainty. This gives my buy sell actions hysterisis, with long periods of inaction.

My position in COE is small enough that my net inclination remains to accumulate on dips. The current dip still leaves too much uncertainty for me to buy more, yet not enough risk to sell.

My bet is that
1)the high was the momentum brigade with no idea
2)much of the sell off was impatience, combined with a sudden fear that they did not know what was happening (which I don't either - hence no action).

Why sell now after the enthusiasm has gone? Imo it's going to have to be very bad news to go below $1 again.

EL