Stock Traders Blog

The Dow is up but my balance is down. I took 500 shares of short position of Wells Fargo pre-market at $25.86. After that I took another 300 shares short position of IBN at $30.24. Down $281.56 at 8:34 AM.

The market is hard to predict. I think today’s up is mainly attributed to the analyst’s upgrade to the bank sector. In my previous post “US Bank Corp Should be a Good Bet in the Comming Weeks” I expected USB to rise above its offering price but I didn’t expect it happen so quickly. I was still waiting for an entry point. Looks like I have already missed out big. But for Wells Fargo I still think it is over valued. IBN is an India banking stock. It shot up 30% because of India’s election. I don’t think this kind of rise make sense at all. But who knows the stock market is irrational.

I end up in red and in a scary short situation. I shorted 500 shares more on Well Fargo at $26.80. I had the chance to make my $150 today but decided to forgo it. The market eliminated the entire week’s lost in one day. It is unbelievable. And I have put my entire account balance in short position. It is something I never think of happening so quickly again after I set up this blog. But this time is different from my shorting 3000 shares of Wells Fargo last time. This time I used little leverage. If the maket goes against me tomorrow I can wait and still feeling ok.

Account Balance Change: -$342.90

Related posts:

1. Trader’s Mind is Full of Dilemma – My Thought Gone Wild With Bank of America
2. Wells Fargo Is Over Valued at $25.70
3. Totally Gambler Today but Feel Balanced
4. Trading Out of Discipline and not Knowing How to Stop Caused Big Lost
5. I Have Too Many IFs in My Mind