ALJ - I wasn't paying attention
Yesterday I said I hoped the big volume selloff was a selling blowoff. Well, what I failed to remember was that today is ex-dividend day, and there is a huge special dividend being paid. That'll do it!
With the dividend, the stock price got down fairly close to my stop price. I don't move my stops down when a dividend is deducted (my broker moves it, but I put it back). The stock, so far this morning, is continuing on down and may reach my stop price.
One thing: This dividend essentially comes out of the value of my account this month, but gets returned to me in the form of cash next month. With the size of the special dividend (2.50/share), this makes a difference on a percentage basis.
With the dividend, the stock price got down fairly close to my stop price. I don't move my stops down when a dividend is deducted (my broker moves it, but I put it back). The stock, so far this morning, is continuing on down and may reach my stop price.
One thing: This dividend essentially comes out of the value of my account this month, but gets returned to me in the form of cash next month. With the size of the special dividend (2.50/share), this makes a difference on a percentage basis.
posted by mccrok @ 8:46 AM
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