I wish I knew what I was doing
I took a few positions today and made a few bucks. GHM blew up after gapping up 5%. It ended the day down over 18%. Fortunately, I had a 3% stop on it.
I tried buy in to WSCI with a limit order again, but it left me in the dust. It was up 12% today.
My strategy continues to buy half of my normal positions and place a tight (3%) stop after the stock is bought. With my portfolio down over 8% YTD, and with the goofiness in the market right now, I'm hoping to catch a few good moves and avoid tumbles like GHM showed today.
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4 comments:
Scott,
Don't be so hard on yourself. This market has not been too kind to any of its participants. Even though today's action was positive, I decided to stay out as the current bounce is floating on nothing more than some hope for a rate cut.
-Nick
Agree with Nick - the current bounce is on relatively low volume as well - not encouraging. I wouldn't be surprised to see us retest the lows. Personally I'm dabbling very lightly with options on extreme oversold stocks until I see some clear trend emerging.
Interesting what is happening with GHM - they announce good results and then get creamed on high volume. I see several hedge funds in the large institutional holders, makes one think one of the hedges is liquidating their position. So the interesting call is can one play an oversold bounce. Unfortunately there are no options on GHM as this would be a low risk way to bet on a bounce
what happened to your money management ? you said you don't trade if you are down 6% for the month ?
You people aren't supposed to remember my rantings about money management. Yeah, I know what I'm "supposed" to do. But dang it, sometimes it's just to hard to sit back and watch.
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