I feel incredibly lucky to have come through today completely unscathed. In an effort to document a potentially over-emotional day, I offer the below commentary. Let’s hope I can be so ebullient tomorrow.
I am up half a percent today despite a 75% cash position or perhaps because of it. Luck was certainly on my side today as my longs held up well.
After missing most of yeterday’s parabolic move, today I was rather relieved that the majority of my cash was tied up in a broker move. I had added $AMD yesterday morning based on a very bullish and liquid chart as well as an upgrade from Citi. I joined Chess and the gang in 12631 in $BZ & $BEXP as well. $AMD performed strongly today while $BZ stayed fairly flat.
$BEXP was a roller coaster ride. Fortunately, I hedged the oil play with $SCO this morning which was also a win for me. If you read my “not” oil post in the Peanut Gallery last week, you would know that I believe in the volatility of oil at the moment and recognize that it can go either way in January, so I was ready to be nimble and move with it in either direction. Many in 12631 sold $BEXP when it broke down, but I remained calm during it’s bottom partially because I was out running errands but I still check my positions regularly and saw it’s demize (sic). I could have sold it then, but I chose to wait it out. I was glad I did. Recognizing, however, that it was no longer a high probability trade, as Chess confirmed, I sold it flat at the end of the day.
I added $CBAK & $CHOP this morning…happily as it turns out. My bank stocks & $MIPS pulled back today, but not enough to cry disaster.
I was also immensely happy to see such strength in $PWER. This is my stubborn old man trade as many of you know. It seems to like this range now, which is good news for the stock because of its high volatility. This tells me that investors are getting comfortable with this price which means it now has a chance to go higher on better reports through the coming quarter.
My first fundamental post is almost ready. I must admit that I thought I would find it much easier to write a simplification of basic stock valuation. I pray that I don’t screw it up. Stay tuned.
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cant wait for the fundamental posts, keep it up
I had a totally screwed up day. I was almost completely out of touch with the markets for the entire day. Still green for the day, however so small, and more importantly still solidly green for the year.
@yogi – Sounds like you got lucky too. We tackle it again tomorrow! 😉
good stuff! i like that amd trade, nice one.
Thanks robert.
To be lucky and to fully appreciate it is one of the 3 best feelings a person can experience.