But it's true that CENX might have run of out stamina - at least for the time being. It had a very quick -7.38% descent today, so I apologise for calling the idiot who tried to sell 17,000 shares on Friday an idiot. If I had not tried to sell in the meanwhile, I would have lost all respect for myself. Still, I put in too crazy of a price yesterday in the Extended Hours Trading session.
The earlier optimism in China is now temporarily done due to today's rate hike, but we've still got one more chance at romance on 26 October 2010. This is when all of the earlier optimism on China will show up on CENX's balance sheet - or not. Given AA's performance earlier on in the month, CENX should follow suit. Then, there's a third time's the charm possibility of China's rate hike being insufficient in taming economic growth that basically now has a life of its own. This may or may not become evident in future quarters, but the future is anyone's guess. I've still got a bullish bias and today's market doesn't change that.
My strategy: I'm trying the crazy price strategy again in Extended Hours till Earnings Announcement Time. I've decided that I'm going to sell, but I'm going to sell on my terms, which means the $14-16 range I've been eyeing since basically Day One. If I don't get to sell before Earnings Announcement, I'll exercise some patience and basically no trading discipline and then decide what to do. Wish me luck! In a downtrend, the bulls don't get much of a say in dictating prices, but we haven't come this far to find that CENX doesn't want to go for a second round. And this may yet be the beginning of the end for the bears - if my theory on China is correct.
-4.79% on the SBA (oh, the pain...)
-2.18% on the Roth IRA
I don't want to go in the Confessional Booth, but I may have to before long - and quite possibly, for an extended period.
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