Oh man, say it isn’t so! My cell phone rang this morning at 6:30 AM with a friend and fellow trader of mine screaming in the phone, “RIMM is going to do a $1 billion buy back! Should I buy this stock?”
Scott’s a good guy. But Scott, like most traders, gets too excited from time to time.
So after cursing out Scott for waking me up, I put on my slippers and made my way through the dark house to my trading station.
What I found out really pisses me off.
Don’t you dare buy this stock because of the $1.2 billion buy back. RIMM is panicking because their stock is in free fall. They are so panicked that they are taking good money away from operations in order to try and stop the blood loss and hemorrhaging in their stock.
Put another way, there is a good chance you will get murdered if you buy RIMM at its current level just because of the buy back.
In my latest video I perform technical analysis on RIMM, and give you some downside targets.
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