ETF CORNER

RIMM : Stopped out on RIMM $28.40

Oh well ...

RIMM : Buying as a contrarian play !

RIMM warned yesterday and in spite of the stock being already down something like 40% since the beginning of the year and being grossly oversold, the stock is again down about 15% after hours around $30 per share.

The first support I've showed earlier did not manage any bounce attempt.

How much worse can this get in the short term ? Is the bad news baked in ?

I'd say it is !

I'm buying RIMM at the the open at about $29.7 with a protective stop at $28.4.

Looking at the long term chart.... that $30 make some sense , kind of the opposite stuff that I've said on GE !

This trade is not for the faint of heart.

RIMM : Long term support in motion !!!