Wednesday, 12 March 2008

Buy low Sell high...Citi

Sold out of the Citigroup long I put on 2 days ago, selling at $22.37 for a profit of $1,422 and a 2-day gain of 11.9%...like I said on a previous trade...annualize that!

Nice timing as well, as the stock promptly dropped to close at $21.21.

Away from that, I've been distracted a little from actively trading lately. I've got 5 stocks in my personal portfolio that have been a DISASTER (all longs)...4 of them I have as I think long (LONG) term the technology they offer will be world-changing, and the stocks could have multiple gains. And one of them I just think is stupid cheap. But literally 3 of them are down 50%, one is down 40% and one is down 70% from my average price. Maybe I should stick to day trading. I may elaborate on some of these in a future post.

And aside from that, this Oil short I have is f*cking frustrating. I can't believe this stuff is trading at $110 today (my short is at around $87). The data that's coming out seems to show that oil use is DOWN in the US, which accounts for around 25% of all oil use I understand, and also the trade deficit would be coming down if it wasn't for the price of oil. Since I think that the markets will eventually do what it takes to save the US from complete meltdown, I think oil will fall and cause the deficit to drop somewhat. But it's certainly a tough ride at the moment.

6 comments:

Anonymous said...

on the oil, why don't you wait for a key reversal day and then put on the short?

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