A previous position, Cal-maine (CALM), missed earnings which shattered the stock, down another 20%. Defining the point at which to sell and having the discipline to do so avoided this meltdown. If I were to pound the table about one thing it would be preaching discipline and not the fact that getting it wrong is going to happen. Most people, the sheep, would wait to sell because they're programed to avoid losses, to hate losses, to reject losses.
Financials could never push through resistance of 302 and that too saved us from this entire calamity. The bailout news for Freddie and Fannie around 9/9 had us thinking financials and thankfully the technical vantage point, again, swooped in to save the day.
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