I closed out most of my shorts by yesterday, considering the angle the market was taking. I held only MDR and GFIG. After seeing the pre-market action, I decided to do something I don't usually do-trade on the open. I don't think it is a good idea generally speaking. So I covered MDR at $60.30 and covered GFIG at $15.90. GFIG went on to drop about 30%, real easy money and I blew it simply out of pure fear. Emotional trading.....hmmf!
On the other hand, I did by OSTK yesterday at $14.08. Again, I sold near the open on that one too, simply because I don't think it wise to "look a gift horse in the mouth"so to speak. So I gave up a few points there as well, buy a profit of 30% for holding a stock all of about 1 or two market hours, I can't complain too much.
Today I also added to my WLK position @ $16.15. I bought some SBP @ 11.19 or so. And I added to my MOD position this am at $16.65.
I went into today also holding long positions in IMB, MLHR, MGM, GPS and GRMN.
I have a few others on the watchlist and may add to some of those positions, or may not. I need to take a closer look at the market and start lining up my short list for short candidates. This market could be a real gift for short sellers if the optimism doesn't run deep enough.
Friday, April 18, 2008
My Day Thus Far...
Posted by Brandt at 11:17 AM
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