see chart: http://stockcharts.com/h-sc/ui?s=GIGM&p=D&yr=0&mn=9&dy=0&id=p82008642477&a=179724000
I see a continuation of selling tomorrow. I bought GIGM at 5 but now see true support is around 4.80 -- markets have memories.
I was able to pick up 1000 at 4.90 afterhours. Once GIGM hits 4.80 it'll complete the 3rd touch of new uptrend line. One thing I like -- as there is a LOT of negativity regarding management on the Yahoo board... however, there is not a lot of short interest. So not a lot of money where the mouth is. Investor now are waiting for the latest earnings report...
My main thesis right now is the markets are going to carve out a bottom -- very fast... and then remain rangebound, much to the frustration of bulls and bears alike. Those people shorting today may start the day feeling invincible and longs may be thinking the world is about to end... but the return of volatility will provide great opportunities for excellent traders. Lesser traders will get their asses handed to them.
I have evolved into a value player with a dash of technical analysis. My intraday moves are terrible so I avoid playing that game. And when I do, I do not take big positions.
In general, I expect to experience quite a bit of pain now. I'm not sure how I'll handle it. It may get very scary. Panicking late is a really bad idea. So it's time to prepare mentally and accept drawdowns as a value investor. Today was not a big loss but tomorrow might be a huge hit. I suppose I'll have to take it one day at a time.