Friday, July 20, 2007

Washed Out

Well, I got washed out early today, so unfortunately, I'm writing this post before I even get a chance to post the Virtual Office.

I must say, it's strange being on the sidelines while I watch the market reverse. And I'm pissed about it too, but I realize that I'm just angry at myself for letting myself get chopped too much this morning.

It was clear early that stocks weren't going up. Yet, for some reason, I kept looking on the long side. I bought, LNN, VMI, SFL and CF. Even more frustrating, when I finally decided to get short, I short AGU, NOV and WNR and these stocks squeezed me out.

So what I'm doing here by watching this reversal is taking my medicine. It really sucks too, but I think it's the best thing I've done in awhile. I'm out of the market and watching it. The reason why I'm out is because I'm following my rules.

Unfortunately, there was a miscommunication with my company. You'll recall that I asked them to shut me down if I went down $500 on the day. They thought I said, $1000. So I end up losing -$726 today.

Ah well. Overall it was a good week. It stinks to end this way but I'm being forced to learn a lesson and hopefully that helps me in the long run.

Enjoy your weekend.

Here's the stats:

P&L, -$726
Best, MA, $139
Worst, WNR, -$344

shares traded, 11,200
10 stocks traded, 3 winners, 7 losers
total trades, 65

Oh, and a hattip to ToddsTrade for helping me with my html. Now, when you click on a link it will open a new window instead of sending you away from here.

No comments: