Tuesday, February 27, 2007

Trade updates: QID, STLD, GS, VLO, EWZ

Man, I'm kicking myself for getting rid of QID yesterday! Stupid, stupid, stupid! I hate myself right now. I should have let the trade play out until it hit my target or stop. Micro-managing at its worst.

I'm holding on to most of my positions right now, and actually made a few buys. I bought 50 more GS at $208.16 and 300 STLD at $37.55. I also bought 300 shares of VLO at $58.04 and 200 shares of EWZ at $46.55. For now I am holding on to RL.

Note that I am using smaller position sizes. The prudent move right now is to wait this thing out, so if you're going to buy, be very careful. I'm not giving myself much rope on these trades and will clear out my positions if they fall much further.

It will take some time to see whether this is just a hiccup or a new trend. If we get a weak bounce or more weakness in the coming days, it will be a sign to get ready to short.

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