STOCKMARKETDOUBLE DIARY JUNE 19, 2013
Well, it was all about the Fed today. The Market took a dive after they didn't really address the issue of quantitative easing. Correspondingly, Sunedison, the stock that I am short went down to $8.49 (about 2.5%), 4 cents from where I opened the short position ($8.45).
A reader of the blog mentioned to me today that it looked like my short of SUNE worked out pretty well (paraphrasing). My response to the acknowledgement was that I appreciated it but at the same time...I will hold this position to see how it plays out.
Meaning, that my style is to trade as little as possible and try to take full advantage of the difference between a stock's value from both a technical and fundamental standpoint and what it's price is. Hopefully the stock is in full agreement-that now is the time to make that correction. But as we all know, that doesn't happen all the time. You just try and get the best odds that you can and make sure you are right more often than you are wrong. Let's see what happens with SUNE, so far I'm down about .05%. Until tomorrow, have a good evening. See the update below:
Update for Wednesday, June 19, 2013:
Current position-short 1622 shares of SUNE at $8.45
5/17-short 942 shares of RDN at $13.69
6/17-covered position on RDN at $12.92 (6% gain)
4/18-shorted 262 shares of UNXL at $38.10
5/17-covered at $29.44 (29% gain)
Start Date: 4/18/13
Starting Balance: $10k
Current Balance: $13,648.00
Annualized Return: 212%