Watched the Market All Day But Didn’t Make a Move
It is a very unproductive day for me. I watched the market all day but didn’t make a move because I wanted to take the long side. I wanted to buy something but didn’t find anything attractive. I wanted to buy PCX again at $6.15. The order is still hanging around I think. Let me know if you see something you think attractive so that I can at least have something else to look at =)
Bank of America was closed at $13.14. It went up to $13.25 after market. Too Bad I sold it already. I guess I really have a bearish mind. Citi Group’s downgrade easily caught my mind. Before the conversion I believed that BAC would be trading above its conversion price and that was why I was willing to buy 2000 share of BAC at $12.50. The downgrade destroyed my belief.
There are a number of analysts that are bearish about banks. News related to bank and real estate sector are not so good actually. Malls are going out of business. More regional banks failed, etc. However market sentiment seems still bullish on BAC. I am thinking if it worth to hold BAC until earning release. My mind right now is waiting to see BAC below $12.50 again so that I can get in. Not sure if that is going to happen.
PS
Not long after I posted I bought 1000 shares of PCX at $6.18 in after market. See the following screen short of PCX right after I bought PCX. It shows the after market price at $6.18. It proved yahoo’s real time quote is really real time. =) Not sure if it this buy is a good move. We will know tomorrow.
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You do a great job writing your blog and I love reading it…I own a lot of BAC and will not be selling for a long time, I personally think it will be a powerhouse when all is said and done….And please do not listen to C, looking at their stock price they obviously know nothing…Look at technicals and rely on your own instincts…Analysts, well most of them are morons. Do not trade on Emotion it will haunt you…You win some you lose some. That is just how trading is. It takes Many years to master the markets. And even then I don’t think it is possible.
I started to believe buy and hold for a certain period of time might be a good strategy for BAC. But still I feel if this way works for BAC it should work for the other big banks too.
Sometimes not trading is just the way to go. Successful traders wait for their set-ups. Not trading showed a lot of patience and great discipline on your part. Well done.
That is true Jason. Thanks!