Monday, October 8, 2007

Raised Some Cash

Today I sold half my SLB and GLD, making a small profit in both. While I think SLB is a great company, the chart is suggesting that there might be some consolidation ahead until the company reports earnings in a couple of weeks. GLD also looks toppy here, and barring any economic shocks, looks like it might retrace a bit before moving up again. Long story short: neither looked as if they were going to go anywhere big anytime soon. With so many stocks making double-digit percentage gains, I felt it was best to move some money elsewhere.

PTT, the gentleman's club play, has been causing me some grief. It was my second largest position, after MVIS. The stock has been very fickle of late, and has several times approached my maximum pain level before bouncing. Today I got tired of flirting with a large loss, so I sold 500 shares, or 1/3 of the position, for a small loss. I now feel better about holding the rest a bit longer.

Over lunch today, I was reading Sierra Mountain Investor's blog, and noticed he was buying LLNW. I looked at the chart, and it looked like a decent bottom feeder play. Also, Fly has been buying it. Well the stock went berzerk around 1:30. The momentum was unmistakable, so I bought 300 shares on the first pullback. I really wish I would have bought 1000. Anyway, LLNW was a pleasant surprise today.

Finally, I'm frontrunning Fly with my 100 share purchase of KTEC.

It is important to note that I own more stocks right now that I ever have. I used to scoff at diversification. However, I'm liking owning a nice group of solid stocks, mainly due to the fact that any given morning I may get caught up in a meeting, and not be able to log in to the account. Now, one stock tanking won't take my portfolio down 5%.

12 comments:

Sierra Water said...

Fly is on my ass for trademark infringment. I need to figure out another way to call out my trades other than Sierra Buy/Sell. Funny..

Woodshedder said...

Nah, he wasn't serious. He was just bustin' your chops. That's when you tell him to stick a cucumber in his ear.

mdawsz said...

Man that llnw trade was textbook!

Sierra Water said...

Would be nice if we could match Ducati's no losing trades record. Amazing.. I liquidated a bunch of my spec stocks today and I'm going to pick and choose my trades one at a time until the market puts in a healthy correction. It needs to refuel before November.

Broker A said...

MDAWZ:

Will you represent me in my pending trademark infringement lawsuit versus Brent?

BG said...

Are you up 33% ytd or is the gadget wrong. I thought you started with 100k so it would be less.

Woodshedder said...

The account started with 103K. Bg, I started using stockalicious after a particularly nasty few weeks of trading, where I was down about 9-10K. I don't remember the exact figure, but I believe the account was around 92 or 93K at the time. I had suffered a big loss on AOB, and the FXI scare rocked the markets for a short period.

Also, I withdrew 2.5K cash from the account for vacation, and similarly, I deducted that from Stockalicious cash. So, I am up 32% from near the low point this year, or up roughly 16% YTD.

mdawsz said...

LISTEN YOU, MER is a huge buy here. Fucking chart chomp that mofo and you'll see it.

Fly, just give "Bong Water" (or whatever he calls himself) a stern talking to. Then, follow up with a threat about a mud wrestling cage match, try to incorporate a reference about his lack of 'bottle.' Finally, threaten to beat him with a rubber hose, if that doesn't work, leave a hot stoole on his veranda once a week until he takes the site down.

This has been Law 101.

Sierra Water said...

Fly, I've allready spoken with my IP atty and am confident if such a lawsuit were to be filed it would be frivolous. Short of an injuction, I will Sierra Sell and Buy starting tomorrow.

IIO said...

PTT looked ugly today. I'd be selling too, but I'm stubborn.

Glad to hear you warming up to the diversification approach. To me, its like buying 10 lottery tickets with 10 different numbers, instead of the same number on all ten tickets..

Woodshedder said...

iio, I sold another 500 of PTT today. I don't know yet what I'll do with the last 500.

The most disturbing aspect of the stock is that EVERYthing else is going to the moon, except for it (and MVIS).

I like your lottery ticket analogy.

Woodshedder said...

M- I sold some LLNW today near the high, then bought it back again, near the high...lol...some things never change.