There was a rumor that JMEI was caught selling fake products through its website. Do you realize how abundantly ridiculous it is to sell this stock for that reason? How many times have we heard AMZN or EBAY being accused of selling counterfeits, ripping off Joe Shmoe for the hell of it. Did that stop the upward surge of those stocks? Naturally, because it’s a chinese company, everyone panics out and assumes the worst. People like that should be flayed and roasted over hot coals (no Hannibal).
JMEI is a buy; but the market is heading towards a trough. I believe we will reach an oversold point soon, at which point you’d be wise to start buying aggressively. As always, The PPT will be my guide.
Until then, raising cash on profitable trades might be a good idea.