Doh! Getting rocked by RIMM

Summary of a buy gone wrong, or a buy that was 10 minutes too early.

4:58 am (Hawaii time)
Bot RIMM @ 120.50
As expected, RIMM bounced in pre-market to its highest level in recent days (124.50), and then sold down just before the opening bell. I didn't know when it would return to 122, but it happened real quick. Just 30 minutes into the session, RIMM is trading at 120, which makes my buy seem silly when I thought it was quite a steal after selling yesterday at 122.00.

Caution is the theme, even with Big Ben's boost. RIMM has run $23 since its recent low of 97. Ideally, I would've held my swing shares of RIMM through yesterday and sold this morning above 124, but a win was a win. At one point this morning, every stock that I watch was in the green. Now the only one in the red is RIMM.

5:00 am
RIMM is sliding under 119. Something might be very wrong here. This could turn out to be painful ... or just another buying opportunity for patient RIMM traders. I know Google is going to bid in an FCC spectrum auction. How does this affect RIMM? Not much, not now. Panic selling more than anything.

5:10 am
Woah. I could've had RIMM shares as low as 116.63. It all happened in the past 10 minutes. Now RIMM is back up to 118.60. If anything, GOOG's news this morning should be a plus. Google wants to do the software in cellphones. RIMM provides the hardware. It should be a match more than anything else. But the market currently thinks otherwise, it seems. I think it has more to do with hedgies taking profits since the run from 97, and/or MMs shaking out weak hands.

I held my swing shares from 114 to 106 last week before RIMM finally turned around. I'll be holding the swing shares here, as well.