August 18, 2008
Rough trading times.
Ok, I must admit the last week-and-a-half was awful.
First, both boys got a virus and even though they recovered quickly, I managed to catch it as well. Whatever the heck it is, I don't have energy to move straight, even less so to concentrate on anything of importance. Today, I finally went to the doctor and got some prescription. Hopefully it will work sooner rather than later.
All my positions have moved against me.
- Both gold and oil kept falling. My theory about rising inflation and US troubles has been beaten by the incredibly strong negative correlation of gold and oil prices to the strength of US dollar.
- CPTC fell as well, so instead of taking 8 cents profit on $1.20+ stock, I am now losing 10 cents.
- GM profit of about 15% (I bought GM on August 13 @ $10.24) has almost disappeared.
- Builders are going up, as if they suddenly got some business, though I still don't see any huge number of buyers diving into real estate.
- Yet, the only position I unloaded - my short in Wachovia ( I bought the stock back on August 15 @ $16.22) is now falling in price without me.
In the next few days I have to either close all the positions, get a break and start from the beginning, or at least create some exit strategy - it is not much of a trading in simply watching as chunk of my profit disappears.
It looks like I am still struggling to find my game after 3-week long vacation. I probably have jumped back in way too early, but what if I am wrong in my assumptions?
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