Closing many positions today

30 Apr 10:57pm
Posted by zenoizen
2 Comments
10:19 AM 4/30/2007

I just dumped all of my short holdings, and all of my  losing long positions, except for GROW, which is still down more than 20k.  I think GROW might come back a little bit, so I'm going to wait.  I'll probably sell it once my 'earnings' on that position come up to about -15k.

Any cash resulting from these sales will probably go into QQQQ for the time being.

 Update (10:46 AM 4/30/2007): Looks like closing all of these dead-weight positions is going to cost my net worth approx 100k, give or take 20k.  I'm leaving for work in 15 minutes, but later tonight I'll check back and see how the day treated this new stripped-down version of the portfolio.  Markets look like they'll be mixed today.  QQQQ might not help my situation.  We'll see happens, and then respond appropriately.

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hodgies
You'll still be top place on the leaderboard, just not eh 30 or ROI for the timebeing. But you know what, with the Dow above 13,000 it's kind of scary. I mean, just last month it was 12,000, don't you think 1,000 in a one month timespan is a bit too fast? Anything to trigger and explosion will be baaaaaaaaaaaad. I'm off to work too, see how things turn out later.
Posted on Apr 30, 2007 @11:45am
ishmiel
Try to cut your losses. Like set some limit orders to sell if it hits a price below 10% or something. If it reaches there, at least you know you'd only lose a max. of 10% on all your holdings, but if it goes that other way around, your gains would be open to whenever you want to sell. Know what I mean?
Posted on Apr 30, 2007 @12:31pm
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About

zenoizen

Current strategy...

1. Reduce losing positions. I've got a slew of stinkers in my portfolio. Many of them are down simply because everything is down. Thing is, I need the cash to pick up a few things that I'm sure are due to move upwards. So, I'm taking some losses to get the needed cash.

2. Buy. Markets are down, but there's no doubt that there is going to be some general upward movement over the summer of 2008. I'm concentrating on ETFs to get the built-in diversification. Plus, I'm also trying to find ways to play different commodities and currencies etc. that will probably gain a few percentages... looks like corn, coal, the dollar and interest rates are the way to go right now...

3. Wait. A lot of the "crap" I'm holding is actually undervalued, and ought to return over the next quarter or two. My excessive shorting of QID will most likely be mitigated in the medium term. Time heals all wounds, they say. Hope they're right!

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