Does this ever happen to you? (re: PWER's 22% drop)
Do you ever pick a stock just to see it plunge, while the stock you decided not to buy skyrockets?
At the beginning of this year, I had a post My 11 picks for 2011, in which I said the following about TGC Industries (TGE):
I'd also like to own TGE, but I don't feel like I have to get it right now as approx. 60% of my 401K money is currently in Oil and Gas. I'm thinking if Oil And Gas really take off in 2011, I will profit nicely even without TGE. Having said that, I'd still like to get me some TGE before it hits $5.
Well, I never bought TGE. At the time of the post TGE was at $3.80, it's at $5.10 today. That's 34% return in a little over a month.
I did want to buy it, I believed in it (in comment# 13 of that same post, I said I expect a quick 50% return on TGE), but when I had money available, I deceided to buy another stock from that same list.
I decided to put more money in the position I already had: Power-One (PWER). Almost doubled it.
Well, as you know, PWER is down 22% today.
Let me tell you something, it hurts. It hurts even more now that I picked PWER over TGE (so it feels like a 50% loss). Not fun. Makes you feel like an idiot.
Do any of you know what I'm taking about?
Disclaimer: I still believe in PWER...