Yeah, I'm still posting on this because so many people mailed me
direct
and asked me to do so. I ask that those without an interest
simply hit the
delete button.
I've been asked why I didn't sell at 30 yesterday but
turned around
and did it today. It's a fair question. I've also been asked
why,
if I believe the company has a positive future, I wouldn't just wait
for it to get back into the high 30's again or even better.
Well,
here you go. I sold it today because yesterday it got down to
28.80 or so
and the weak hands and stop losses were triggered down to
that level. I felt
that if it withstood that move, it would rally
today unless the market got
really hammered. The market opened just
fine but the sellers were piling on
SOLF again. This may be due to
naked shorting or it may be that the entire
sector is selling off or
it may be that there is so much fear in it that
panic is ruling yet
another day. Whatever the exact reason, it was not to my
liking for
me to hold it further so I took my $80,000 profit and went home.
:)
The second part of the question relating to why I would sell at all
if I still have confidence in the stock is this. As you all know
already, we have dealt with a mis-reporting of estimated earnings due
to
currency matters .. a risk one takes with foreign equities. I
have to face
the reality that I can only make decisions with as much
accuracy as the
information available to me and what if this Chinese
company is reporting
non-existent income? What if the profits are a
fraction of what they
reported? What if the 35% stake in the company
is a lie? The what if's are
always there but with foreign stocks,
they are amplified and magnified. So,
if I was right and if this
stock rights itself and if it begins trading with
some measure of
stability again, I may very well re-enter it but in the mean
time, I
have a nice profit. 80K will keep even me in beer for at least the
next year.
:)
Bob