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I think WL has reached a bottom (+ I'm an idiot)...

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November 01, 2010 – Comments (8) | RELATED TICKERS: MOR.DL2 , O , N

On Oct. 13, 2010, I had a post I think WL has reached the bottom, in which I basically said WL might be a good pick for CAPS portfolio as I thought WL's $7.35 price was the real bottom for that stock (after going down for months).

A few days later, when WL jumped had an 20% intra-day jump, I was pretty sure I made the right call.

Well, WL reported the earnings (losses) this morning and is down 44% (and the market is up - imagine what would happen if we had a negative 200 points day on the DOW today).

Dear Fools, I have nothing other to say to you but I'M AN IDIOT. Yes, I' am, and I apologize for my stupidity. I feel like crap. A-complete-moron kinda feeling.

I think it's time for me to shut up for a while (maybe forever?) with these "bottom calls". I'm just no good at that stuff.

Sorry, once again. 

p.s.

I hope some of you have learned a valuable lesson - never listen to idiots on the internet. 

8 Comments – Post Your Own

#1) On November 01, 2010 at 11:22 AM, MegaEurope (< 20) wrote:

Do you think your old media favorites like LEE have bottomed yet?

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#2) On November 01, 2010 at 11:46 AM, ChrisGraley (29.89) wrote:

WL has now reached bottom ;)

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#3) On November 01, 2010 at 12:12 PM, dragonLZ (99.37) wrote:

Do you think your old media favorites like LEE have bottomed yet?

MegaEurope, I would normally give you an answer to your question, but as you can see in my post above, as of this morning, I stopped making bottom-calls. :)

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#4) On November 01, 2010 at 12:16 PM, dragonLZ (99.37) wrote:

WL has now reached bottom ;)

ChrisGraley, The title of my post says "WL has reached A bottom (there can be many bottoms depending on how one looks at it).

The bottom I called on 10/13 was a 2-week bottom...I just forgot to mention it... :) 

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#5) On November 01, 2010 at 2:11 PM, TSIF (99.96) wrote:

Definitely bottom this time, however.  The cause of the massive drop was WL sold themselves to M&T Bank for $350 Million in stock, or about half the market price.  Certainly there will be lawsuits that management sold too short, but they won't change anything. I saw worse in the Oct 2008 fiasco.

The Spike up 20% was WL saying they were shopping themselves out.  Lesson to investors, shopping yourself out does NOT necessarily mean at a premium!  Momentum21 dumped at $8.....Good Call.

I predict that Dragon will get a few doses of Coolaid (or Hook), and be back at this top/bottom calling as only Dragon can do it, quite soon.  Just keep the disclaimers in small print at the bottom!

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#6) On November 02, 2010 at 10:22 AM, Momentum21 (80.93) wrote:

Look at the brightside...you weren't calling bottom on fundamental analysis of any kind. I just read the WSJ article on this deal. Obviously WL was feeling pretty good about getting 4 and change...they needed help fast. 

I am reconsidering my thoughts about seeking out M&A targets in the banking industry. The big guys are looking a little more attractive after seeing this...there is probably more ugliness lurking and average ugliness that will be made to look horrific.  

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#7) On November 04, 2010 at 4:03 AM, HarryCaraysGhost (99.71) wrote:

Dragon-

I'M AN IDIOT.  So I hope you take this as a vote for soliditarty

never listen to idiots on the internet.

Please keep posting..

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#8) On November 04, 2010 at 10:31 AM, dragonLZ (99.37) wrote:

HarryCarysGhost, the more the merrier... :)

Thanks and good luck. :)

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