Joined Apr 1, 2010
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Great video, chess. I find your opinion invaluable because you always present both sides of the argument and stay grounded, keep up the good work.
What do you think of $WY at these levels? I’ve been in the name same since ~$22 last July in some size and I’m wondering what to do.
I’ve been through the fundamentals and I think the stock works but I was originally looking to exit at ~$36 in the next three months or so. I saw downside support at $28 which just so happened to match the 200 day sma but it briefly broke that to $27. I think it’s a bear trap with some HFs piling on and shorting the momentum as the catalysts behind the sell-off aren’t that sound – lumbers been down big but it’s only a third of their wood products business so it’s essentially only ~7-8% of earnings and people are forgetting that prices are up Y/Y and earnings are more about the operating leverage here, not necessarily prices. The REIT argument is poor too, because this is a cyclical growth stock not really a yield play (yet, at least).
Anyways, I have to answer to my team about it so do I hold, sell all or some, or double down? I know the fundies but I would really appreciate you’re take on the technicals. To my untrained eye, it looks like it could be a fake out under the 200 day that could actually be bullish. I talk to quite a few people in or looking at the name that are still really bullish and I think there could be a lot of demand at these levels in a stronger tape.
Thanks in advance.
Thanks, raconteur. If you don’t mind I will do a blog post about your question later tonight.
No, not at all – I would love to see your thoughts. I appreciate the consideration though.