Post by cfield23 on Nov 11, 2015 17:36:17 GMT -5
Boy do I feel dumb after today. Let's just say, I feel like it's still 10am, but it's 5:30pm, at the same time, I feel like it's midnight. Today, I went against everything I know not to do (and to do) and I can tell you, it doesn't feel good.
I panicked today. I saw the AF tweet, I looked into it, realized it was from a reputable source (Globes in Israel) and thought I could get out before the time ran out of the MNKD clock. My reasoning had nothing to do with MannKind's technology, Technosphere, it's main drug, Afrezza, or Sanofi's commitment to MannKind. In fact, I walked away from Monday's conference call feeling happy. Sanofi isn't going anywhere, we're moving the pipeline along, and we are solving the cash flow problem by issuing shares to long term holders. These shares are not allowed to be sold short and sure they'd be at a discounted rate, but as the pps falls, more shares would need to be bought by the ETFs to satisfy the $ amount needed hold "x%" of MNKD in their fund. Thus, there was the scenario in which more (possibly a lot more) than the 50M shares MannKind offered, would need to be bought by the ETFs, solving BOTH the cash flow problem AND more institutional ownership.
When the news struck, I panicked. Since MannKind needs cash, I thought "without the funding, we won't be able to function, the world is falling, oh no, etc." and I sold. I a large chunk of my position at $2.06 this morning. I felt smart and immediately rewarded when we dipped below $2, below $1.90, and below $1.80. It's silly, because I never invested more than I could afford to lose, but I let my emotions get out of hand.
I got spoofed. I got swept up in my emotions and I drank the FUD straight from the fire hydrant. I didn't do enough due diligence to find a quote from the source -- I didn't realize there wasn't one. This is exactly how FUD is supposed to work, and I'm ashamed to admit it, but it did. I have no doubt this was orchestrated in order to allow shorts to cover in the $1's where they shorted after the FDA denial of Afrezza. Hopefully, the book is closed and we can sit back for now.
As the news began to unfold that this was not true, I got labeled a "fake long" a "short" and a whole host of nasty things on both ST & YMB. (Shocker, right?) In reality, I made quite the stupid mistake in panicking. It's really too bad, but it happened. I apologize to those of whom I startled.
25,000,000 shares were traded today. I have a feeling I wasn't the only one. Today, I capitulated.
Luckily, I was able to re-enter right about where I sold and am now where I was at the start of the day, minus commissions, and plus some un-needed stress.
Lesson Learned.
So have a great night and thank you to those of you who reached out privately to me. Much appreciated.
I panicked today. I saw the AF tweet, I looked into it, realized it was from a reputable source (Globes in Israel) and thought I could get out before the time ran out of the MNKD clock. My reasoning had nothing to do with MannKind's technology, Technosphere, it's main drug, Afrezza, or Sanofi's commitment to MannKind. In fact, I walked away from Monday's conference call feeling happy. Sanofi isn't going anywhere, we're moving the pipeline along, and we are solving the cash flow problem by issuing shares to long term holders. These shares are not allowed to be sold short and sure they'd be at a discounted rate, but as the pps falls, more shares would need to be bought by the ETFs to satisfy the $ amount needed hold "x%" of MNKD in their fund. Thus, there was the scenario in which more (possibly a lot more) than the 50M shares MannKind offered, would need to be bought by the ETFs, solving BOTH the cash flow problem AND more institutional ownership.
When the news struck, I panicked. Since MannKind needs cash, I thought "without the funding, we won't be able to function, the world is falling, oh no, etc." and I sold. I a large chunk of my position at $2.06 this morning. I felt smart and immediately rewarded when we dipped below $2, below $1.90, and below $1.80. It's silly, because I never invested more than I could afford to lose, but I let my emotions get out of hand.
I got spoofed. I got swept up in my emotions and I drank the FUD straight from the fire hydrant. I didn't do enough due diligence to find a quote from the source -- I didn't realize there wasn't one. This is exactly how FUD is supposed to work, and I'm ashamed to admit it, but it did. I have no doubt this was orchestrated in order to allow shorts to cover in the $1's where they shorted after the FDA denial of Afrezza. Hopefully, the book is closed and we can sit back for now.
As the news began to unfold that this was not true, I got labeled a "fake long" a "short" and a whole host of nasty things on both ST & YMB. (Shocker, right?) In reality, I made quite the stupid mistake in panicking. It's really too bad, but it happened. I apologize to those of whom I startled.
25,000,000 shares were traded today. I have a feeling I wasn't the only one. Today, I capitulated.
Luckily, I was able to re-enter right about where I sold and am now where I was at the start of the day, minus commissions, and plus some un-needed stress.
Lesson Learned.
So have a great night and thank you to those of you who reached out privately to me. Much appreciated.
