At the open of trade I was +55bps, smartly positioned in uranium stocks — pleased — quite pleased with being mostly cash and yet surgically positioned in the right areas of the market. As soon as markets opened we swooned but then recovered. I quickly sold all but one stock and then started to forage the grounds for fresh food — because I was invincible and knew what I was doing.
I chanced upon ATER. It just went from down big to green, so I figured I’d chance it and took down a 5% position. As soon as my order was filled, the man behind the levers quickly dropped the stock — and kept dropping it 10 cents at a clip for the next 10 minutes. Within 10 minutes I was down $1 on the stock, all but erasing my wonderfully surgical gain of 55bps. So then I figured “why not chance it again?” since often times when stocks drop fast they recover. And so I did — bought more at $10.5.
As soon as I got filled the man behind the levers continued to drop the stock by 10 cents per minute, until I finally forced the issue and took an 8.5% loss in 20 minutes on a 10% position — placing me down 50bps for the session.
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