This is Delta Airlines. When the news came out that Buffett sold all of his airline shares, DAL and the others did not move. That news was already baked in.
This is not the best chart. But it will work. The way I see it is that you really cannot play this stock. At all. Going short is probably the way to go, but at this level you risk getting caught in a short squeeze. But other than that, I think the stock will just start drifting lower. Slowly.
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Here is a chart for AAPL from April/01/2000 May/06/03. It was along summer with APPL bouncing around over the place. This was before all of AAPL's stock splits. The price at the time was ranging from $75.00 per share to about $55.00 per share. The big drop was something like $57.00 at close. One minute after the market closed, Apple warned and the stock finished in the after hours at around $28.00 per share. It opened the next morning at $22.00.
Low low points were priced at $10.00 per share.
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From Sept. 2000 all through until May 2003, AAPL went nowhere. Finally, in May 2003, APPL popped. And by 5/6/2004, AAPL finally above the Sept. 2000 closing price of $28.00 per share.
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Finally, almost 5 years later, AAPL passed its old high in 2000.
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Anyway, I think DAL drifts. If it has cancelled its dividend, it might be worth a short, but I would need to look at short interest and see what some short interest ratios are. But I'm thinking is probably a highly shorted stock and that can be dangerous and costly.
NOTE: You never(or rarely never) want to short a dividend paying stock unless your crystal ball is 100% perfect. When you are short, you get to pay the dividend. Your stock broker handles that transaction for you---automatically