For today am trying to get the strategy clear before the open.
So focus today will be GWW, HCP, PEP and XOM.
And just to mention the picture of the Eiger is not related at all lol. But I am trying to see how I can make this more fun to work on and view so this breaks with the trading strategies etc.
Need to come back to this later when it gets clear what the market looks like for today.
Update Jan 27th, Jan 11:19 EST – reviewed GWW and this one is out for me. As a short I think this is potentially good but risky. But am excluding this from now.
Update Jan 27th, Jan 6.09 EST – reviewed GWW and this one is out for me. As a short I think this is potentially good but risky. But am excluding this from now.
Update Jan 27th, 7.01 EST – reviewed PEP and this one is out for me.
So narrowed down to HCP and XOM.
Update- Jan 27th, 9.37 EST
- Long GCP at 36.51
Update- Jan 27th, 10.21 EST
- Long GCP at 35.91 (doubled down)
- Now have an average price of 36.21
Update- Jan 27th, 2.23 EST
- HCP has been under quite heavy selling pressure pretty much all day. As I understand it, an article on thestreet.com is the main reason for this. The article basicially recommended selling HCP if you have lossed on it. It also referenced the GS underweight rating (which is from September of last year). In any case ,things went badly today.
- Off the cuff, I can think of several mistakes and I need to look back into this to see how to avoid these mistakes. The obvious one was that I did not check the news. And major secondary one is that I doubled down on an already bad position without understanding why it was dropping. It was a bad day and am gonna call it a day now.
Update – Febuary 1st, 8:00 EST
This position was closed out last Friday at a price of 35.92. The position had turned bad from the start and was not confortable with it and ended up taking a loss on it to close it out.
Essentially, I got stuck with this position and when I got a chance to get out of it I took it as I did not want to hold this position over the weekend. I think I learned several things during this position. First of all I should have researched why it was dropping so fast when I opened the position (should have looked into this before opening the position). Also, the position size was too large in terms of my capital and it resulted in me not being able to trade while it was open.
If anyone has any suggestions please feel free to post over. thank you