Just last week, I was feeling all invincible and shit, with timely buys and glorious sells. So, with big gains for the year, I decided to press the envelope and push for “retardo gains.” Once again, I have been taught a harsh lesson in reality.
I knew Wachovia Corporation [[WB]] was a piece of shit. Still, I bought 15,000 shares because I thought the market did what I wanted it to do. Big mistake.
I had all of the research on WB that told me they blew ostrich balls, yet I was trying to get cute and scalp a quick trade. Oh Lord, how fucking retarded was that?
It’s the greed factor that corrupts the way people think in this business. Unfortunately, I needed a 6 fig loss to remind me how stupid greed can make a person. Needless to say, from here on, or until I recover some of these losses, trading will be disciplined.
Now, all of a sudden, I find myself saddled with a bunch of bullshit long positions, while the financial system is on the precipice of disaster. How quaint. As you know, I raised capital this morning, via selling my Citigroup Inc. [[C]] and [[UYG]] positions. And, I just sold Synovus Financial Corp. [[SNV]] .
The profits in C and UYG are about 5 times greater than my WB loss; but it still stings. And, ironically, I find myself in the dirtiest of filthiest “coal holes,” via Walter Industries, Inc. [[WLT]] .
Apparently, the fucking Chinese do not produce steel any longer. Therefore, coking coal is no longer imported.
Bottom line: For me, it’s time to regroup and raise cash. This is not the first setback and most definitely not the last.
UPDATE: I am not selling my tech wrecks into this blackhole. The only things I feel comfortable doing is selling banks and buying [[SRS]] for a hedge. Other than that, I am just over here taking hits on Research In Motion Limited (USA) [[RIMM]] , [[ROM]] , [[WLT]], etc.
NOTE: WB was triple A rated. Good job S&P, once again.If you enjoy the content at iBankCoin, please follow us on Twitter